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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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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:

Chapter 1, Problem 60APSA, Problem 1-60A Income Statement and Balance Sheet The following information for Rogers Enterprises is

Required:

Prepare a single-step income statement and a c1assified balance sheet for the year ending

December 31, 2019, for Rogers.

To determine

Concept Introduction:

Balance Sheet: The Balance sheet is a summary of Assets, Liabilities and equity accounts that reports the financial position of the business as on a specific date. Assets are further classifies into Current Assets, Long Term Investments, Plant Assets and Intangible assets. And Liabilities are further classified into Current Liabilities and Long term liabilities.

Income Statement:

Income Statement is the part of the financial statement which is prepared to calculate the net income earned by the organization. In the income statement, all expenses are subtracted from the revenues to calculate the net income. It is prepared for a particular period.

There are two ways to present and income statement: Single-step and Multi-step. In the, multi-step income statement the net income calculated after showing multiple steps. In this statement operating and items are separate from non operating items.

To Prepare:

A single step income statement and classifies balance sheet for Rogers Enterprises.

Explanation

A single step income statement and classifies balance sheet for Rogers Enterprises are prepared as follows:

    Rogers Enterprises
    Single Step Income Statement
    For the year ended Dec. 31, 2019
    Revenues:  
    Service Revenue$463,500  
    Total Revenues (A) $463,500
    Less: Expenses:  
    Salaries expense$235,200  
    Rent Expense$135,000  
    Supplies Expense$34,400  
    Interest Expense$16,000  
    Income tax Expense$12,800  
    Total Expenses (B) $433,400
       
    Net Income (A-B) $30,100
    Rogers Enterprises
    Balance Sheet
    As on Dec...

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