Can you tell me how to properly prepare this income statement? The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented beAccountsDebitCreditCash12,000150,0006,00030,000400,000Accounts ReceivablePrepaid RentSuppliesEquipmentAccumulated DepreciationAccounts PayableSalaries PayableInterest PayableNotes Payable (due in two years)$ 135,00012,00011,0005,00040,000300,00060,000500,000Common StockRetained EarningsService RevenueSalaries ExpenseRent ExpenseDepreciation ExpenseInterest Expense400,00020,00040,0005,000Totals$1,063,000$1,063,000Required:1. Prepare an income statement for the year ended December 31, 2021.FIGHTIN' BLUE HENS CORPORATIONIncome StatementFor the Year Ended December 31, 2021Service revenue$ 500,000< Prev4of 4Next >APR27W80 Required:1. Prepare an income statement for the year ended December 31, 2021.FIGHTIN' BLUE HENS CORPORATIONIncome StatementFor the Year Ended December 31, 2021Service revenue$ 500,000Expenses:Supplies expense2$30,000Salaries expense400,000Rent expense20,000Depreciation expense40,000Interest expense5,000Total expenses495,000Net Income2$5,000< Prev4of 4Next >APR27W

The income statement is one of the essential parts of the financial statement used for reporting the…

The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented Accounts Debit Credit Cash 12,000 150,000 6,000 30,000 400,000 Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) $ 135,000 12,000 11,000 5,000 40,000 300,000 60,000 500,000 Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense 400,000 20,000 40,000 5,000 Totals $1,063,000 $1,063,000 %24

The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented Accounts Debit Credit Cash 12,000 150,000 6,000 30,000 400,000 Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) $ 135,000 12,000 11,000 5,000 40,000 300,000 60,000 500,000 Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense 400,000 20,000 40,000 5,000 Totals $1,063,000 $1,063,000 %24

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 15DQ

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Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax income from continuing operations (of which revenues are 295,000), the following items are included in this pretax income: Colts taxable income totals 93,000 in 2019. The difference between the pretax financial income and the taxable income is due to the excess of tax depreciation over financial depreciation on assets used in continuing operations. At the beginning of 2019, Colt had a retained earnings balance of 310.000 and a deferred tax liability of 8,100. During 2019, Colt declared and paid dividends of 48,000. It is subject to tax rates of 15% on the first 50,000 of income and 30% on income in excess of 50,000. Based on proper interperiod tax allocation procedures, Colt has determined that its 2019 ending deferred tax liability is 14,100. Required: 1. Prepare a schedule for Colt to allocate the total 2019 income tax expense to the various components of pretax income. 2. Prepare Colts income tax journal entry at the end of 2019. 3. Prepare Colts 2019 income statement. 4. Prepare Colts 2019 statement of retained earnings. 5. Show the related income tax disclosures on Colts December 31, 2019, balance sheet.
In December 2019, Swanstrom Inc. receives a cash payment of $3,500 for services performed in December 2019 and a cash payment of S4,500 for services to be performed in January 2020. Swanstrom also receives the December utility bill for S600 but does not pay this bill until 2020. For 2019, under the accrual basis of accounting, Swanstrom would recognize: a. $8,000 of revenue and $600 of expense. b. $8,000 of revenue and $0 of expense. c. $3,500 of revenue and $600 of expense. d. $3,500 Of revenue and $0 of expense.
Koolman Construction Company began work on a contract in 2019. The contract price is 3,000,000, and the company determined that its performance obligation was satisfied over time. Other information relating to the contract is as follows: Required: 1. Compute the gross profit or loss recognized in 2019 and 2020. 2. Prepare the appropriate sections of the income statement and ending balance sheet for each year.
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