Income statement: This is the financial statement of a company which shows all the revenues earned and expenses incurred by the company over a period of time. It is prepared to find out the net income of an organization. Balance sheet: Balance sheet is a financial position statement that represents all the assets, liabilities, and stockholders’ equity of a concern on a particular date. The balance sheet displays that on a particular date, all the assets of concern must be equal to the sum of liabilities and stockholders’ equity. To Prepare: An accrual basis income statement for the year 2021.

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Answer 1

Question

Chapter 2, Problem 2.12P

1.

To determine

Income statement:

This is the financial statement of a company which shows all the revenues earned and expenses incurred by the company over a period of time. It is prepared to find out the net income of an organization.

Balance sheet:

Balance sheet is a financial position statement that represents all the assets, liabilities, and stockholders’ equity of a concern on a particular date. The balance sheet displays that on a particular date, all the assets of concern must be equal to the sum of liabilities and stockholders’ equity.

To Prepare: An accrual basis income statement for the year 2021.

2.

To determine

Income statement:

This is the financial statement of a company which shows all the revenues earned and expenses incurred by the company over a period of time. It is prepared to find out the net income of an organization.

Balance sheet:

Balance sheet is a financial position statement that represents all the assets, liabilities, and stockholders’ equity of a concern on a particular date. The balance sheet displays that on a particular date, all the assets of concern must be equal to the sum of liabilities and stockholders’ equity.

The following balance sheet amounts on December 31, 2021.

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Answer 2

Question

Chapter 2, Problem 2.12P

1.

To determine

Income statement:

This is the financial statement of a company which shows all the revenues earned and expenses incurred by the company over a period of time. It is prepared to find out the net income of an organization.

Balance sheet:

Balance sheet is a financial position statement that represents all the assets, liabilities, and stockholders’ equity of a concern on a particular date. The balance sheet displays that on a particular date, all the assets of concern must be equal to the sum of liabilities and stockholders’ equity.

To Prepare: An accrual basis income statement for the year 2021.

2.

To determine

Income statement:

This is the financial statement of a company which shows all the revenues earned and expenses incurred by the company over a period of time. It is prepared to find out the net income of an organization.

Balance sheet:

Balance sheet is a financial position statement that represents all the assets, liabilities, and stockholders’ equity of a concern on a particular date. The balance sheet displays that on a particular date, all the assets of concern must be equal to the sum of liabilities and stockholders’ equity.

The following balance sheet amounts on December 31, 2021.

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Answer 3

Question

Chapter 2, Problem 2.12P

1.

To determine

Income statement:

This is the financial statement of a company which shows all the revenues earned and expenses incurred by the company over a period of time. It is prepared to find out the net income of an organization.

Balance sheet:

Balance sheet is a financial position statement that represents all the assets, liabilities, and stockholders’ equity of a concern on a particular date. The balance sheet displays that on a particular date, all the assets of concern must be equal to the sum of liabilities and stockholders’ equity.

To Prepare: An accrual basis income statement for the year 2021.

2.

To determine

Income statement:

This is the financial statement of a company which shows all the revenues earned and expenses incurred by the company over a period of time. It is prepared to find out the net income of an organization.

Balance sheet:

Balance sheet is a financial position statement that represents all the assets, liabilities, and stockholders’ equity of a concern on a particular date. The balance sheet displays that on a particular date, all the assets of concern must be equal to the sum of liabilities and stockholders’ equity.

The following balance sheet amounts on December 31, 2021.

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Answer 4

Question

Chapter 2, Problem 2.12P

1.

To determine

Income statement:

This is the financial statement of a company which shows all the revenues earned and expenses incurred by the company over a period of time. It is prepared to find out the net income of an organization.

Balance sheet:

Balance sheet is a financial position statement that represents all the assets, liabilities, and stockholders’ equity of a concern on a particular date. The balance sheet displays that on a particular date, all the assets of concern must be equal to the sum of liabilities and stockholders’ equity.

To Prepare: An accrual basis income statement for the year 2021.

2.

To determine

Income statement:

This is the financial statement of a company which shows all the revenues earned and expenses incurred by the company over a period of time. It is prepared to find out the net income of an organization.

Balance sheet:

Balance sheet is a financial position statement that represents all the assets, liabilities, and stockholders’ equity of a concern on a particular date. The balance sheet displays that on a particular date, all the assets of concern must be equal to the sum of liabilities and stockholders’ equity.

The following balance sheet amounts on December 31, 2021.

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Answer 5

Chapter 2, Problem 2.12P

1.

To determine

Income statement:

This is the financial statement of a company which shows all the revenues earned and expenses incurred by the company over a period of time. It is prepared to find out the net income of an organization.

Balance sheet:

Balance sheet is a financial position statement that represents all the assets, liabilities, and stockholders’ equity of a concern on a particular date. The balance sheet displays that on a particular date, all the assets of concern must be equal to the sum of liabilities and stockholders’ equity.

To Prepare: An accrual basis income statement for the year 2021.

2.

To determine

Income statement:

This is the financial statement of a company which shows all the revenues earned and expenses incurred by the company over a period of time. It is prepared to find out the net income of an organization.

Balance sheet:

Balance sheet is a financial position statement that represents all the assets, liabilities, and stockholders’ equity of a concern on a particular date. The balance sheet displays that on a particular date, all the assets of concern must be equal to the sum of liabilities and stockholders’ equity.

The following balance sheet amounts on December 31, 2021.

Answer 6

Chapter 2, Problem 2.12P

1.

To determine

Income statement:

This is the financial statement of a company which shows all the revenues earned and expenses incurred by the company over a period of time. It is prepared to find out the net income of an organization.

Balance sheet:

Balance sheet is a financial position statement that represents all the assets, liabilities, and stockholders’ equity of a concern on a particular date. The balance sheet displays that on a particular date, all the assets of concern must be equal to the sum of liabilities and stockholders’ equity.

To Prepare: An accrual basis income statement for the year 2021.

Answer 7

Chapter 2, Problem 2.12P

1.

To determine

Income statement:

This is the financial statement of a company which shows all the revenues earned and expenses incurred by the company over a period of time. It is prepared to find out the net income of an organization.

Balance sheet:

Balance sheet is a financial position statement that represents all the assets, liabilities, and stockholders’ equity of a concern on a particular date. The balance sheet displays that on a particular date, all the assets of concern must be equal to the sum of liabilities and stockholders’ equity.

To Prepare: An accrual basis income statement for the year 2021.

Answer 8

2.

To determine

Income statement:

This is the financial statement of a company which shows all the revenues earned and expenses incurred by the company over a period of time. It is prepared to find out the net income of an organization.

Balance sheet:

Balance sheet is a financial position statement that represents all the assets, liabilities, and stockholders’ equity of a concern on a particular date. The balance sheet displays that on a particular date, all the assets of concern must be equal to the sum of liabilities and stockholders’ equity.

The following balance sheet amounts on December 31, 2021.

Answer 9

2.

To determine

Income statement:

This is the financial statement of a company which shows all the revenues earned and expenses incurred by the company over a period of time. It is prepared to find out the net income of an organization.

Balance sheet:

Balance sheet is a financial position statement that represents all the assets, liabilities, and stockholders’ equity of a concern on a particular date. The balance sheet displays that on a particular date, all the assets of concern must be equal to the sum of liabilities and stockholders’ equity.

The following balance sheet amounts on December 31, 2021.

Answer 10

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Answer 11

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Answer 12

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Answer 13

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