Q3.S1-12 O Prepare the income statement [10 min]Elegant Arrangements has just completed operations for the year ended December31, 2012. This is the third year of operations for the company. As the owner, youwant to know how well the business performed during the year. To address this ques-tion, you have assembled the following data:Insurance expenseService revenueSupplies expenseRent expense$ 4,000 Salary expense74,000 Accounts payable1,100 Supplies13,000 Rose, drawing$42,0006,8002,1003,900Requirement1. Prepare the income statement of Elegant Arrangements for the year endedDecember 31, 2012. Q4.E1-18 00 Using the accounting equation to analyze business transactions[5-10 min]Great City Builders balance sheet data at May 31, 2012, and June 30, 2012, follow:May 31, 2012June 30, 2012Total assets$177,000$213,000Total liabilities122,000144,000Requirement1. Following are three situations about owner's investments and drawings of thebusiness during June. For each situation, compute the amount of net income ornet loss during June 2012.a. The owner invested $6,000 in the business and made no withdrawals.b. The owner made no investments. The owner withdrew cash $10,000.c. The company owner made investments of $18,000 and withdrew cash of $20,000.

Name: Q3.S1-12 O Prepare the income statement [10 min]Elegant Arrangements
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Q3.S1-12 O Prepare the income statement [10 min]Elegant Arrangements has just completed operations for the year ended December31, 2012. This is the third year of operations for the company. As the owner, youwant to know how well the business perform

Income Statement:- It is a statement that shows the expenses and revenue of a company during the…

Business

Accounting

Q3. O Prepare the income statement [10 min] Elegant Arrangements has just completed operations for the year ended December 31, 2012. This is the third year of operations for the company. As the owner, you want to know how well the business performed during the year. To address this ques- tion, you have assembled the following data: S1-12 Insurance expense Service revenue Supplies expense |Rent expense $ 4,000 Salary expense 74,000 Accounts payable 1,100 Supplies 13,000 Rose, drawing $42,000 6,800 2,100 3,900 Requirement 1. Prepare the income statement of Elegant Arrangements for the year ended December 31, 2012.

Q3. O Prepare the income statement [10 min] Elegant Arrangements has just completed operations for the year ended December 31, 2012. This is the third year of operations for the company. As the owner, you want to know how well the business performed during the year. To address this ques- tion, you have assembled the following data: S1-12 Insurance expense Service revenue Supplies expense |Rent expense $ 4,000 Salary expense 74,000 Accounts payable 1,100 Supplies 13,000 Rose, drawing $42,000 6,800 2,100 3,900 Requirement 1. Prepare the income statement of Elegant Arrangements for the year ended December 31, 2012.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter2: Basic Accounting Systems: Cash Basis

Section: Chapter Questions

Problem 2.4.1P: Financial statements Padget Home Services began its operations on January 1, 20Y7 (see Problem 2-3)....

See similar textbooks

Similar questions

Effects of transactions on Accounting equation On Time Delivery Service had the following selected transactions during November: 1. Received cash from issuance of common stock, $75,000. 2. Paid rent for November, $5000. 3. Paid advertising expense, $3,000. 4. Received cash for providing delivery services, $34,500. 5. Borrowed $10,000 from Second National Bank to finance its operations. 6. Purchased a delivery van for cash, $25,000. 7. Paid interest on note from Second National Bank, $75. 8. Paid salaries and wages for November, $10,000. 9. Paid dividends, $2,000. Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1) through (9), in a vertical column, and inserting at the right of each number the appropriate letter from he following list: a. Increase in an asset, decrease in another asset. h. Increase in an asset, increase in a liability. c. Increase in an asset, increase in stockholders’ equity. d. Decrease in an asset, decrease in a liability. e. Decrease in an asset, decrease in stockholders equity.
Adjustments for unearned and accrued fees The balance in the unearned fees account, before adjustment at the end of the year, is $900,000. Of these fees, $775,000 have been earned. In addition, $289,500 of fees have been earned hut not hilled to clients. What are the adjustments (a) to adjust the unearned fees account and (h) to record the accrued fees? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.
Financial statements Padget Home Services began its operations on January 1, 20Y7 (see Problem 2-3). After its second year of operations. the following amounts were taken from the accounting records of Padget Home Services, Inc., as of December 31, 20Y8. Instructions Prepare an income statement for the year ending December 31, 20Y8.
Net income and dividends The income statement of a corporation for the month of February indicates a net income of $32,000. During the same period, $40,000 in cash dividends were paid. Would it be correct to say that the business Incurred a net loss of $8000 during the month? Discuss.
Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the year ended December 31, 20Y8. are as follows: a. Wages accrued but not paid at December 31. $2150 b. Depreciation of equipment during the year. $12500 c. Laundry supplies on hand at December 31. $1,500 d. Insurance premiums expired. $4600 Instructions 2. Prepare an income statement and statement of stockholders equity for the year ended December 31. 20Y8. The common stock balance as of January 1. 20Y8. was $25000. The retained earnings balance as of January 1, 20Y8, was $101,500.
Transactions using accrual accounting Terry Mason organized The Fifth Season at the beginning of February 20Y4. During February, The Fifth Season entered into the following transactions: a. Terry Mason invested $15000 in The Fifth Season in exchange for common stock. h. Paid $2,700 on February 1 for an insurance premium on a 1-year policy. c. Purchased supplies on account. $900. d. Received fees of $28500 during February. e. Paid expenses as follows: wages. $10,800; rent, $3,200; utilities, $1,400; and miscellaneous, $1,600. f. Paid dividends of $4,000. Record the preceding transactions using the integrated financial statement framework. Alt er each transaction, you should enter a balance for each item.
Income statement, retained earnings statement, and balance sheet The amounts of the assets and liabilities of Glacier Travel Service as of September 30, 20Y6, the end of the current year, and its revenue and expenses for the year are listed below. The retained earnings were $150000 and the common stock was $50000 as of October 1, 20Y5, the beginning of the current year. Dividends of $10000 were paid during the year. Instruction Prepare an income statement for the current year ended september 30, 20Y6.
Financial statements Padget Home Services began its operations on January 1, 20Y7 (see Problem 2-3). After its second year of operations, the following amounts were taken from the accounting records of Padget Home Services, Inc., as of December 31, 20Y8. Instuctions Prepare a balance sheet as of December 31, 20Y8.
Accounting equation The following are recent year summaries of balance sheet and income statement data (in millions) for Apple Inc. (AAPL) and Verizon Communications (VZ). Determine the amounts of the missing items (a) through (i).
Income statement, retained earnings statement, and balance sheet The amounts of the assets and liabilities of Glacier Travel Service as of September 30, 20Y6, the end of the current year, and its revenue and expenses for the year are listed below. The retained earnings were $150000 and the common stock was $50000 as of October 1, 20Y5, the beginning of the current year. Dividends of $10000 were paid during the year. Instructios Prepare a statement of stockholders’ equity for the current year ended September 30. 20Y6.
Adjustments and errors At the end of May, the first month of operations, the following selected data were taken from the financial statements of Julie Mortenson, Attorney at Law, PC.: In preparing the financial statements, adjustments for the following data were overlooked: a. Unbilled fees earned at May 31, $9.700 h. Depreciation of equipment for May, $8,000 c. Accrued wages at May 31. $1,150 d. Supplies used during May, $975 Instructions Determine the correct amount of net income for May and the total assets, liabilities, and stockholders’ equity at May 31. In addition to indicating the corrected amounts, indicate the effect of each omitted adjustment by setting up and completing a columnar table similar to the one shown below. Adjustment (a) is presented as an example.
Multiple-step income statement On March 31, 20Y5, the balances of the accounts appearing in the ledger of Lange Daughters Inc. are as follows: a. Prepare a multiple-step income Statement for the year ended March 31, 20Y5. b. Compare the major advantages and disadvantages of the multiple-step and single-step forms of income statements.