Statement of Earnings, Statement of Retained Earnings, and Statement of Financial Position McDonald Marina provides docking and cleaning services for pleasure boats at its marina in Vancouver. The following account balances are available for 2022: Accounts payable $ 26,400 Accounts receivable 268,700 Accumulated depreciation (building) 64,500 Accumulated depreciation (equipment) 950,400 Bonds payable (due 2027) 2,000,000 Building 197,300 Cash 36,620 Common shares (40,000 shares) 614,320 Depreciation expense (building) 21,500 Depreciation expense (equipment) 246,300 Dividends 25,300 Equipment 2,490,000 Income tax expense 21,700 Interest expense 236,000 Interest payable 18,000 Land 875,000 Rent expense 14,600 Rent payable 2,400 Retained earnings, 12/31/2021 128,600 Service revenue (cleaning) 472,300 Service revenue (docking) 1,460,000 Supplies 9,800 Supplies expense 89,100 Utilities expense 239,400 Wages expense 987,200 Wages payable 21,600 Required: Prepare a single-step statement of earnings for McDonald Marina for the year ended December 31, 2022
Statement of Earnings, Statement of Retained Earnings, and Statement of Financial Position McDonald Marina provides docking and cleaning services for pleasure boats at its marina in Vancouver. The following account balances are available for 2022: Accounts payable $ 26,400 Accounts receivable 268,700 Accumulated depreciation (building) 64,500 Accumulated depreciation (equipment) 950,400 Bonds payable (due 2027) 2,000,000 Building 197,300 Cash 36,620 Common shares (40,000 shares) 614,320 Depreciation expense (building) 21,500 Depreciation expense (equipment) 246,300 Dividends 25,300 Equipment 2,490,000 Income tax expense 21,700 Interest expense 236,000 Interest payable 18,000 Land 875,000 Rent expense 14,600 Rent payable 2,400 Retained earnings, 12/31/2021 128,600 Service revenue (cleaning) 472,300 Service revenue (docking) 1,460,000 Supplies 9,800 Supplies expense 89,100 Utilities expense 239,400 Wages expense 987,200 Wages payable 21,600 Required: Prepare a single-step statement of earnings for McDonald Marina for the year ended December 31, 2022
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter4: Income Measurement And Accrual Accounting
Section: Chapter Questions
Problem 4.33E
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Statement of Earnings, Statement of
McDonald Marina provides docking and cleaning services for pleasure boats at its marina in Vancouver. The following account balances are available for 2022:
| Accounts payable | $ 26,400 | |
| Accounts receivable | 268,700 | |
| 64,500 | ||
| Accumulated depreciation (equipment) | 950,400 | |
| Bonds payable (due 2027) | 2,000,000 | |
| Building | 197,300 | |
| Cash | 36,620 | |
| Common shares (40,000 shares) | 614,320 | |
| Depreciation expense (building) | 21,500 | |
| Depreciation expense (equipment) | 246,300 | |
| Dividends | 25,300 | |
| Equipment | 2,490,000 | |
| Income tax expense | 21,700 | |
| Interest expense | 236,000 | |
| Interest payable | 18,000 | |
| Land | 875,000 | |
| Rent expense | 14,600 | |
| Rent payable | 2,400 | |
| Retained earnings, 12/31/2021 | 128,600 | |
| Service revenue (cleaning) | 472,300 | |
| Service revenue (docking) | 1,460,000 | |
| Supplies | 9,800 | |
| Supplies expense | 89,100 | |
| Utilities expense | 239,400 | |
| Wages expense | 987,200 | |
| Wages payable | 21,600 |
Required:
Prepare a single-step statement of earnings for McDonald Marina for the year ended December 31, 2022.
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