4BACKNEXTThe adjusted trial balance of Sunland Company at Decermber 31, 2019, indludes the tollowing accounts: Common Stock $17,400, Dividends $7,400, Service Revenue $37,100, Salaries and Wages Expense $16,200, Insurance Expense$1,000, Rent Expense $4,000, Supplies Fxpense $2,500, and Depreciation Expense $2,000.Prepare an income statement for the year.Sunland CompanyIncome StatementFor the Year Ended Decermber 31, 2019 Accounts PayableAccounts ReceivableAccumulated Depreciation-BuildingsAccumulated Depreciation-EquipmentAdvertising ExpenseBuildingsCashCommon StockDepreciation ExpenseDividendsEquipmentInsurance ExpenseInterest ExpenseInterest PayableLandMaintenance and Repairs ExpenseMortgage PayableNo EntryNotes PayableOwner's CapitalOwner's DrawingsPrepaid AdvertisingPrepaid InsurancePrepaid RentRent ExpenseRent RevenueRetained EarningsSalaries and Wages ExpenseSalaries and Wages PayableSales RevenueService RevenueSubscription RevenueSuppliesSupplies ExpenseTicket RevenueUnearned Rent RevenueUnearned Service RevenueUnearned Subscription RevenueUnearned Ticket RevenueUtilities Expense

Name: 4BACKNEXTThe adjusted trial balance of Sunland Company at Decermber 3
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Description: 4BACKNEXTThe adjusted trial balance of Sunland Company at Decermber 31, 2019, indludes the tollowing accounts: Common Stock $17,400, Dividends $7,400, Service Revenue $37,100, Salaries and Wages Expense $16,200, Insurance Expense$1,000, Rent Expense

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The adjusted trial balance of Sunland Company at Decermber 31, 2019, includes the tollowing accounts: Common Stock $1/,400, Dividends $7,400, Service Revenue $37,100, Salaries and Wages Expense $16,200, Insurance Expense $1,000, Rent Expense $4,000, Supplies Fxpense $2,500, and Depreciation Expense $2,000. Prepare an income statement for the year. Sunland Company Income Statement For the Year Ended Decermber 31, 2019 v

The adjusted trial balance of Sunland Company at Decermber 31, 2019, includes the tollowing accounts: Common Stock $1/,400, Dividends $7,400, Service Revenue $37,100, Salaries and Wages Expense $16,200, Insurance Expense $1,000, Rent Expense $4,000, Supplies Fxpense $2,500, and Depreciation Expense $2,000. Prepare an income statement for the year. Sunland Company Income Statement For the Year Ended Decermber 31, 2019 v

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter3: Accrual Accounting

Section: Chapter Questions

Problem 33BE: Brief Exercise 3-33 Preparing an Income Statement The adjusted trial balance of Pelton Company at...

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Exercise 1-53 Relationships Among the Financial Statements During 2019, Moore Corporation paid $20,000 of dividends. Moores assets, liabilities, and common stock at the end 012018 and 2019 were: Required: Using the information provided. compute Moores net income for 2019.
Brief Exercise 3-33 Preparing an Income Statement The adjusted trial balance of Pelton Company at December 31, 2019, includes the following accounts: Wages Expense, $22,400; Service Revenue. Rent Expense, $3,200; Dividends, $4,000; Retained Earnings, $12,200; and Prepaid Rent, $1,000. Required: Prepare a single-step income Statement for Pelton for 2019.
(Appendix 21.1) Visual Inspection The following changes in account balances were taken from Walson Companys adjusted trial balance at the end of 2019: In addition, the following information was obtained from the companys records: Land was sold, at cost, for 1,900. Dividends of 4,000 were declared and paid. Equipment was purchased for 10,400. Common stock was issued for 9,000. Beginning cash balance was 17,000. Required: Using visual inspection and the direct method, prepare Walsons 2019 statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)
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?
Problem 1-60A Income Statement and Balance Sheet The following information for Rogers Enterprises is available at December 31, 2019 and includes all of Rogers financial statement amounts except retained earnings: Required: Prepare a single-step income statement and a c1assified balance sheet for the year ending December 31, 2019, for Rogers.
Adjusting Entries Exercise 3-52 Allentown Services Inc. is preparing adjusting entries for the year ending December 31, 2019. The following data are available: Interest is owed at December 31, 2019, on a 6-month, 8% note. Allentown borrowed $120,ooo from NBD on September 1, 2019. Allentown provides daily building maintenance services to Mack Trucks for a quarterly fee of $2,700 payable on the fifteenth of the month following the end of each quarter. No entries have been made for the services provided to Mack Trucks during the quarter ended December 31, and the related bill will not be sent until January 15, 2020. At the beginning of 2019, the cost of office supplies on hand was $1,220. During 2019, office supplies with a total cost of $6,480 were purchased from Office Depot and debited to office supplies inventory. On December 31, 2019, Allentown determined the cost of office supplies on hand to be $970. On September 23, 2019, Allentown received a $7,650 payment from Bethlehem Steel for 9 months of maintenance services beginning on October 1, 2019. The entire amount was credited to unearned service revenue when received. Required: Prepare the appropriate adjusting entries at December 31, 2019. CONCEPTUAL CONNECTION What would be the effect on the balance sheet and the income statement if the accountant failed to make the above adjusting entries?
Interim Reporting (Appendix 5.1) Miller Company prepares quarterly and year-to-date interim reports. The following is its interim income statement for the quarter ended March 31, 2019: On June 30, 2019, Millers accountant completed a worksheet in preparation for developing the year-to-date interim income statement. The following are the accounts and amounts listed on the income statement debit and credit columns of this worksheet: Required: Assuming 20,000 shares of common stock have been outstanding for the entire 6 months, prepare Millers: 1. Year-to-date interim income statement for the first 6 months of 2019. 2. Interim income statement for the second quarter of 2019.
Problem 1-563 Applying the Fundamental Accounting Equation At the beginning of 2019, KJ Corporation had total assets of $525,100, total liabilities of $290,800. common stock of $100000. and retained earnings of $134,900. During 2019. KJ had net income of $205,500. paid dividends of $70,000. and 1ssued additional common stock for $36,000 KJs total assets at the end of 2019 were $10,100. Required: Calculate the amount of Liabilities that KJ must have at the end of 2019 in order for the balance sheet equation to balance.
Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income On December 31, 2019, Opgenorth Company listed the following items in its adjusted trial balance: Additional data: 1. Seven thousand shares of common stock have been outstanding the entire year. 2. The income tax rate is 30% on all items of income. Required: 1. Prepare a 2019 multiple-step income statement. 2. Prepare a 2019 single-step income statement. 3. Prepare a 2019 statement of comprehensive income.
Brief Exercise 3-36 Preparing and Analyzing Closing Entries At December 31, 2019, the ledger of Aulani Company includes the following accounts, all having normal balances: Sales Revenue, cost of Goods sold, $31,000; Retained $20,000; Interest Expense, $3,200; Dividends, $5,000, Wages Expense $5,000, and Interest Payable, $2,100. Required: Prepare the closing entries for Aulani at December 31, 2019. How does the closing process affect Aulanis retained earnings?
Brief Exercise 3-32 Adjusting Entries-Deferrals Tyndal Company had the following items that required adjustment at December 31, 2019. Purchased equipment for $40,000 on January 1, 2019. Tyndal estimates annual depreciation to be $3,100. Paid $2,400 for a 2-year insurance policy on July 1, 2019. The amount was debited to Pre-paid Insurance when paid. Collected $1,200 rent for the period December 1, 2019 to March 30, 2020. The amount was credited to Unearned Service Revenue when received. Required: Prepare the adjusting entries needed at December 31. CONCEPTUAL CONNECTION What is the effect on the financial statements if these adjusting entries were not made?
Cornerstone Exercise 1-18 Balance Sheet An analysis of the transactions of Cavernous Homes Inc. yields the following totals at December 31, 2019: cash, $3,200; accounts receivable, $4,500; notes payable, $5,000; supplies, $8,100; common stock, $7,000; and retained earnings, 9,800. Required: Prepare a balance sheet for Cavernous Homes Inc. at December 31 , 2019.