nem Course: 2021SP Prin of Financial Accounting (ACC-120-1)C CengageNOWv2 | Online teaching and learning resource fnPrepare statement of owner's equity as of December 31.Awesome Travel ServicesStatement of Owner's EquityFor the Year Ended December 31Prepare a balance sheet as of December 31.Awesome Travel ServicesBalance SheetDecember 31Assets$Total assetsLiabilitiesOwner's EquityTotal liabilities and owner's equityPrevious%24%24%24 v2.cengagenow.comStudents HomeTn Course: 2021SP Prin of Financial Accounting (ACC-120-11)C CengageNOWv2 | Online teaching and learning resource from Cengage LearThe accounting equation elements and their balances of Awesome Travel Services at December 31 are listed below. There were no additional investments or withdrawalsby J. Trendsetter during the year.Accounts payable$12,000J. Trendsetter, capital (January 1)$10,000Accounts receivable14,000Supplies1,000Cash18,000Income taxes expense1,300Computer equipment21,000Utilities expense8,000Fees earned78,000Wages expense25,000Rent expense10,000Supplies expense1,700Prepare an income statement as of December 31.Awesome Travel ServicesIncome StatementFor the Year Ended December 31$Expenses:Total expensesPreviousNext%24%24%24

Total expenses=Rent+Utilities+Wages+Supplies+Income tax=$10,000+$8,000+$25,000+$1,700+$1,300=$46,000

The accounting equation elements and their balances of Awesome Travel Services at December 31 are listed below. There were no additional investments or withdrawals by J. Trendsetter during the year. Accounts payable $12,000 J. Trendsetter, capital (January 1) $10,000 Accounts receivable 14,000 Supplies 1,000 Cash 18,000 Income taxes expense 1,300 Computer equipment 21,000 Utilities expense 8,000 Fees earned 78,000 Wages expense 25,000 Rent expense 10,000 Supplies expense 1,700 Prepare an income statement as of December 31. Awesome Travel Services Income Statement For the Year Ended December 31 Expenses: Total expenses

The accounting equation elements and their balances of Awesome Travel Services at December 31 are listed below. There were no additional investments or withdrawals by J. Trendsetter during the year. Accounts payable $12,000 J. Trendsetter, capital (January 1) $10,000 Accounts receivable 14,000 Supplies 1,000 Cash 18,000 Income taxes expense 1,300 Computer equipment 21,000 Utilities expense 8,000 Fees earned 78,000 Wages expense 25,000 Rent expense 10,000 Supplies expense 1,700 Prepare an income statement as of December 31. Awesome Travel Services Income Statement For the Year Ended December 31 Expenses: Total expenses

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter1: Accounting And The Financial Statements

Section: Chapter Questions

Problem 46E: OBJECTIVE 6 Exercise 1-46 Income Statement ERS Inc. maintains and repairs office equipment. ERS had...

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OBJECTIVE 6 Exercise 1-46 Income Statement ERS Inc. maintains and repairs office equipment. ERS had an average of 10,000 shares of common stock outstanding for the year. The following income statement account balances are available for ERS at the end of 2019. Required: 1. Prepare a single-step income statement for ERS for 2019. 2. CONCEPTUAL CONNECTION Compute net profit margin for ERS. If ERS is able to increase its service revenue by $100,000, what should be the effect on future income? 3. CONCEPTUAL CONNECTION Assume that ERS net profit margin was 8.5% for 2018. As an investor, what conclusions might you draw about ERS future profitability?
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1. Below is a trial balance of Ali Mamat Enterprise, extracted after one year’s trading.Ali Mamat EnterpriseTrial Balance as at 31 December 2019Particulars Debit (RM) Credit (RM)Sales 190,576Purchases 119,832Salaries 56,527Motor expenses 2,416Rent 1,894Insurance 372General expenses 85Premises 95,420Motor vehicles 16,594Account receivables 26,740Account payable 16,524Cash at bank 16,519Cash in hand 342Drawings 8,425Capital 138,066TOTAL 345,166 345,166Required: i. Statement of Profit or Loss and Others Comprehensive Income for the year ended 31 December 2019.ii. Statement of Financial Position as at 31 December 2019.