Make income statement , retained earnings and balance sheet from trial balance.
Q: Among these, which item is used as the base for preparing unadjusted trial balance? a. General…
A: The correct option is a. General Ledger
Q: debit to Income Summary of:
A: It is pertinent to note that incomes and expenses at the end of the year are closed by transferring…
Q: Using the transactions attached and the Unadjusted trial balance please create a Statement of…
A: Formula: Ending Retained earnings = Beginning Retained earnings + Net Income - Dividends paid.…
Q: Prepare income statement and financial position from following: Show all workings
A: It will be recorded in following steps.
Q: Which type of debit account is balanced in the income statement columns of a work sheet?…
A: Income statement: It is a financial statement that calculate the net income after deducting all…
Q: Prepare the income statement and balance sheet
A: Income Statement: An income statement is one of the financial statements that display the financial…
Q: Analyze routine economic events—transactions—and record their effects on acompany’s financial…
A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…
Q: Indicate the financial statement on which each of the following items appears. income…
A: Income statement: The financial statement which reports revenues and expenses from business…
Q: List various accounts in the balance sheet that representdeferred expenses.
A: Deferred expense: Expense which can be only be recognized on a future date.
Q: Prepare Income Statement
A: Depreciation = Cost - Salvage Value / lifetime Depreciation of Furniture = $26,000 - $0 / 6…
Q: The detailed record of the changes in a particular asset, liability, or stockholders’ equity is…
A:
Q: Explain the need for adjusting entries and their effect on the owner's balance sheet and the "bottom…
A:
Q: Describe how debits and credits impact assets, liabilities , owner,s equity
A: The books of accounts are prepared as per the double accounting system. All the debits shall be…
Q: Instructions Prepare an income statement Prepare a statement of retained earnings Prepare a…
A: Income Statement represents the Net Income by deducting all the expenses incurred during the period…
Q: prepare a balance sheet and income statement using the data given.
A: Income statement of the business shows all incomes and all expenses in the business and at the end…
Q: Prepare the balance sheet and the income statement
A: The Income Statement is among a company's primary financial statements that illustrate its income…
Q: Please make balance sheet and income statement
A: Income statement is the financial statement which shows all incomes and all expenses of the business…
Q: Accumulated Depreciation and Service Fees Earned would be sorted to which respective columns in…
A: Worksheet is prepared in order to assist the accountant in preparing the financial statements mainly…
Q: make statement of profit/loss and statement of financial position
A:
Q: Indicate the financial statement on which each of the following items appears. income…
A: Income statement is a statement which shows income and expenses of the business for the particular…
Q: Make an income statement
A: Financial statement means the trading and profit and loss account and balance sheet of the company…
Q: Which of the following trial balances is used as a sourcefor preparing the income statement?a.…
A: Income Statement is a statement which shows all revenues and expenses of the business for the…
Q: the purposes of financial statements like income statement and trial balance ? I want a paragraph…
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Q: provide the income statement and the balance sheet
A: The income statement is one of the financial statements which shows the financial performance of the…
Q: From the trial balance attached prepare the Total liabilities and owners equity
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…
Q: Prepare the following: • Statement of Financial Position • Trial balance
A: Financial statements are the set of records of the financial transactions and position of a business…
Q: The accrual basis of accounting records expenses when they are :
A: Accrual basis of accounting follows matching principal where cost incurred to earn revenue are…
Q: Instructions: Prepare a statement of retained earnings.
A: Statement of retained earnings refers to a statement which shows the changes in the balance of…
Q: prepare the income statement and balance sheet
A: The income statement and the balance sheet are two of the major financial statements of any company.…
Q: Prepare statement of owner's equity
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Q: Instruction: Prepare a Financial Transaction Worksheet. If the Owner's Equity is affected, indicate…
A: Solution Concept Accounting equation is given as Asset = liabilities + equity If we further…
Q: A prepare a coded chart of accounts for the company B prepare a trial balance in good form C prepare…
A: Income Statement: It is used to report a company financial statement during the accounting period…
Q: Using the accounting equation in the picture, prepare a worksheet with trial balance, income…
A: Accounting equaton can be simply defined as entity assets is equal to its liability and equity.…
Q: CREATE AN EXAMPLE OF CHART OF ACCOUNTS. (SHOULD BE ARRANGED FROM ASSETS TO EXPENSES)
A: A chart of accounts is a list of all financial accounts in a corporation's general ledger. In a…
Q: How to fill out an income statement?
A: All the items of trail balance should marked if they have any adjustments which are yet to be…
Q: The trial balance section of the work sheet provides the information used in preparing the income…
A: Solution: A worksheet is a multi-column spreadsheet that contains the ending balances of all general…
Q: The accounting concept that supports reporting revenues in the period in which they are earned is…
A: Explanation: 1. Revenue recognition concept: As per the revenue recognition concept, revenues are…
Q: what goes into assets and liabilites in a adjusted trial balance
A: Firstly, we need to know the meaning of adjusted trial balance. After making all the year end…
Q: Explain Accrual Accounting as it relates to revenue and expenses.
A: Accounting refers to recording, posting, analysing, summarising and communicating the financial…
Q: Create the financial statement ( Income statement and Balance sheet ) for NetSolutions using the…
A: Financial statement is prepared from the trial balance which include :- Profit and loss and…
Q: Which of the given series have the same normal balances in the Accounting Equitation? Select one:…
A: Normal balance is the side of the account where the balance of the account is found. An account can…
Q: Required: Prepare a revise income statement in accordance with generally accepted accounting…
A: According to U.S GAAP, only revenue and expenses for the period, such as the revenue generated from…
Q: Prepare an income statement and balance sheet
A: Trial Balance Dr. Cr. Cash 45450 Common Stock 50000 Prepaid rent 3000 Equipment 5000…
Q: Instructions: Prepare Income Statement Prepare Balance Sheet
A: Depreciation = Total Cost - Salvage Value / life time Total Equity Capital $70,000…
Q: Prepare an income statement, owners equity statement, and a balance sheet
A: Income statement is the statement which shows all incomes and expenses of the business for the…
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- The following items were excerpted from Poeltl, Inc.'s balance sheets: December 31, 2023December 31, 2022Cash$86,300$59,000Accounts receivable65,60070,600Inventory157,000150.300Property and equipment794,500745,400Accumulated depreciation(184,000)(168,200)Accounts payable61,00050,600Wages payable20,40023,000 Poeltl's 2023 income statement showed net income of $463,000, depreciation expense of $57,000, and a gain on disposal of equipment of $16,000. On Poeltl's 2023 statement of cash flows, how much is Net Cash Provided by Operating Activities?The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows:Dec 31 20Y9 Dec 31 20Y8ASSETSCash $ 70,720 $ 47,940Accounts Receivable 207,230 188,190Inventories 298,520 289,850Investments - 102,000Land 295,800 -Equipment 438,600 358,020Accumulated Depreciation-Equipment (99,110) (84,320)Total Assets $ 1,211,760 $ 901,680LIABILITIES AND STOCKHOLDERS' EQUITYAccounts Payable $ 205,700 $ 194,140Accrued Expenses Payable (operating expenses) 30,600 26,860Dividends Payable 25,500 20,400Common Stock, $1 par 202,000 102,000Paid-in Capital; Excess of issue price over par-common stock 354,000 204,000Retained Earnings 393,960 354,280Total Liabilities and Stockholders Equity: $ 1,211,760 $ 901,680Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows:A. Equipment and land were acquired for cashB. There were no disposals of equipment during the year.C. The investments were sold for $91,800 cash.D. The common stock was…You are presented with the following trial balance of Carl Ltd at 31 October 2018.Dr CrR,000 R,000Building at cost 740Buildings, accumulated depreciation, 1 November 2018 60Plant at cost 220Plant, accumulated depreciation, 1 November 2018 110Land at cost 235Bank balance 50Revenue 1,800Purchases 1,105Discounts received 90Returns inwards 35Wages 180Energy expenses 105Trade Payables 250Trade Receivables 320Inventory at 1 November 2018 160Allowance for debtors at 1 November 2018 10Administrative expenses 80Director's remuneration 70Accumulated profit at 1 November 2018 13010% Debenture 50Dividend paid 30R1 Ordinary shares 650Share premium account 803,280 3,280Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost,…
- You are presented with the following trial balance of Carl Ltd at 31 October 2018.Dr CrR,000 R,000Building at cost 740Buildings, accumulated depreciation, 1 November 2018 60Plant at cost 220Plant, accumulated depreciation, 1 November 2018 110Land at cost 235Bank balance 50Revenue 1,800Purchases 1,105Discounts received 90Returns inwards 35Wages 180Energy expenses 105Trade Payables 250Trade Receivables 320Inventory at 1 November 2018 160Allowance for debtors at 1 November 2018 10Administrative expenses 80Director's remuneration 70Accumulated profit at 1 November 2018 13010% Debenture 50Dividend paid 30R1 Ordinary shares 650Share premium account 803,280 3,280Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost,…You are presented with the following trial balance of Carl Ltd at 31 October 2018.Dr CrR,000 R,000Building at cost 740Buildings, accumulated depreciation, 1 November 2018 60Plant at cost 220Plant, accumulated depreciation, 1 November 2018 110Land at cost 235Bank balance 50Revenue 1,800Purchases 1,105Discounts received 90Returns inwards 35Wages 180Energy expenses 105Trade Payables 250Trade Receivables 320Inventory at 1 November 2018 160Allowance for debtors at 1 November 2018 10Administrative expenses 80Director's remuneration 70Accumulated profit at 1 November 2018 13010% Debenture 50Dividend paid 30R1 Ordinary shares 650Share premium account 803,280 3,280Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost,…Question 1The following information was extracted from the financial statement of Barryfor the year ended 31 December 2020. RMSales 437,500Opening inventories 17,500Closing inventories 26,250Cost of sales 262,500Other income 3,750Expenses 61,250Current liabilities 47,250Trade receivables 39,375Bank 8,750Cash 31,500Required:(a) Show the formulae and compute the value of the following for Barry:(i) Purchases(ii) Gross profit(iii)Net Profit
- The comparative balance sheet of Merrick Equipment Co. for Dec. 31, 20Y9 and 20Y8, is:Dec. 31, 20Y9 Dec. 31, 20Y8AssetsCash $70,720 $47,940Accounts receivable (net) 207,230 188,190Inventories 298,520 289,850Investments 0 102,000Land 295,800 0Equipment 438,600 358,020Accumulated depreciation—equipment (99,110) (84,320)Total assets $1,211,760 $901,680Liabilities and Stockholders' EquityAccounts payable (merchandise creditors) $205,700 $194,140Accrued expenses payable (operating expenses) 30,600 26,860Dividends payable 25,500 20,400Common stock, $1 par 202,000 102,000Paid-in capital: Excess of issue price over par—common stock 354,000 204,000Retained earnings 393,960 354,280Total liabilities and stockholders' equity $1,211,760 $901,680The income statement for the year ended December 31, 20Y9, is as follows:Sales $2,023,898Cost of goods sold 1,245,476Gross profit $778,422Operating expenses:Depreciation expense $14,790Other operating expenses 517,299Total operating expenses 532,089Operating…Prepare the Pro-Forma Statement of Financial Position for the year ending 31 December 2023 INFORMATIONSibiya ProjectsStatement of Comprehensive Income for the year ended 31 December 2022 RSales 10 000 000Cost of sales (5 750 000)Gross profit 4 250 000Variable, selling and administrative costs (1 500 000)Fixed selling and administrative costs (500 000)Net profit 2 250 000 Statement of Financial Position for the year ended 31 December 2022ASSETS RNon-current assets 800 000Property, plant and equipment 800 000 Current assets 3 400 000Inventories 1 600 000Accounts receivable 600 000Cash 1 200 000TOTAL ASSETS 4 200 000 EQUITY AND LIABILITIESEquity 3 760 000 Current liabilities 440 000Accounts payable 440 000TOTAL ASSETS AND LIABILITIES 4 200 000 Additional informationA. The sales budget for 2023 is as follows:First Quarter Second Quarter Third Quarter Fourth QuarterR2 625 000 R2 750 000 R2 875 000 R2 750 000 B. 90% of sales is collected in the quarter of the sale and 10% in the quarter…Compute and disaggregate Costco's RNOA into net operating profit margin (NOPM) and net operating asset turnover (NOAT) for 2018; confirm that RNOA= NOPM x NOAT.
- Dr.Cr.(GH₵)(GH₵)Stated capital310Income surplus at 1 January 2017456Inventory at 1 January 2017236Turnover1,468Purchases856Salaries46Directors salaries (admin expense)116Land & building at cost550Plant & equipment at cost578Land & building- accumulated depreciation as at 1 January 2017154Plant & equipment –accumulated depreciation as at 1 January 2017266Bank interest received6Sundry expenses56Trade receivables110Trade payables122Accruals42Cash at bank43Dividends paid36Administrative expenses183Interest paid142,8242,824The following information is also relevant:(1) Inventory at 31st December 2017 is GH₵256(2) The tax liability for the year is estimated to be 20% of the profit before tax.4(3) The original cost of land and buildings is made up of GH₵100 land and GH₵450 buildings. Buildings are used in administration and depreciation is charged on a straight line basis over the estimated useful life of 50 years.(4) Plant & equipment are used in distribution and…SalesOperating costs (excluding depreciation and amortization) EBITDADepreciation and amortization Earnings before interest and taxes Interest Earnings before taxesTaxes (40%)Net income available to common stockholders Common dividendsSEBRINGCORPORATION: BALANCESHEETSFORYEARENDINGDECEMBER31 (FIGURES ARE STATED IN MILLIONS) Assets: Cash and marketable securities Accounts receivableInventories Total current assets Gross Fixed Assets Less DepreciationNet plant and equipment Total assets 2005 2004 $3,600.0 $3,000.0 $3,060.0 $2,550.0 $540.0 $450.0 90.0 75.0 $450.0 $375.0 65.0 60.0 $385.0 $315.0 154.0 126.0 $231.0 $189.0 $15.0 $13.0 2005 2004 $ 36.00 $ 30.00 $ 340.00 $ 250.00 $ 457.00 $ 351.00 $ 833.00 $ 631.00 $ 1,065.00 $ 825.00 $ (165.00) $ (75.00) $ 900.00 $ 750.00 $ 1,733.00 $ 1,381.00 $ 324.00 $ 270.00 $ 201.00 $ 155.00 $ 216.00 $ 180.00 $ 741.00 $ 605.00 $ 450.00 $ 450.00 $ 1,191.00 $ 1,055.00 $ 150.00 $ 150.00 $ 392.00 $ 176.00 $ 542.00 $ 326.00 $ 1,733.00 $ 1,381.00…JOURNAL ENTRIES FOR CULVER COMPANY (a) Adjusting entries for 2020 (in$) 31/12/2020 Revenue Account Dr. 9800 To Provision for depreciation Account 9800 (Being market value of Gordon inc. and Wallace corporat. depreciated ) 31/12/2020 Investment in Martin inc. a/c Dr. 1800 To Unrealised Appreciation Reserve a/c 1800 (Being market value of Martin inc.appreciated) (b) sale of Gordon stock journal entry 1/03/2021 Bank a/c Dr. 66300 Loss on disposal of investment alc Dr. 1400 To Investment in Gordon inc a/c…
