College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Textbook Question
Chapter 3, Problem 10SEB
Provided below is a
INCOME STATEMENT From the information in the trial balance presented above, prepare an income statement for Bill's Delivery Service for the month ended September 30, 20--.
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Income Statement
The following account balances were taken from the adjusted trial balance for Urgent Messenger Service, a delivery service firm, for the fiscal year ended November 30, 20Y1:
Depreciation Expense
$6,400
Fees Earned
339,800
Insurance Expense
1,220
Miscellaneous Expense
2,560
Rent Expense
48,600
Salaries Expense
170,900
Supplies Expense
2,180
Utilities Expense
18,600
Prepare an income statement for Urgent Messenger Service.
Urgent Messenger ServiceIncome StatementFor the Year Ended November 30, 20Y1
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Expenses:
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Total expenses
fill in the blank 17
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Use the following information to answer Exercises E1-31 through E1-33.
The account balances of Wilson Towing Service at June 30, 2018, Follow:
Preparing the income statement
Requirements
Prepare the income statement for Wilson Towing Service for the month ending June 30, 2018.
What does the income statement report?
Below are account balances of Ducks Company at the end of September.Required: Prepare a trial balance by placing amounts in the appropriate debit or credit column and determining the balance of the Service Revenue account.
Chapter 3 Solutions
College Accounting, Chapters 1-27
Ch. 3 - LO3 To debit an account is to enter an amount on...Ch. 3 - Liability accounts normally have debit balances.Ch. 3 - LO3 Increases in owners equity are entered as...Ch. 3 - Prob. 4TFCh. 3 - LO3 To credit an account is to enter an amount on...Ch. 3 - LO3 A debit to an asset account will decrease it.Ch. 3 - A common example of an asset is (a) Professional...Ch. 3 - The accounting equation may be expressed as (a)...Ch. 3 - LO3 Liability, owners equity, and revenue accounts...Ch. 3 - LO4 To record the payment of rent expense, an...
Ch. 3 - Prob. 5MCCh. 3 - Foot and balance the accounts receivable T account...Ch. 3 - LO3 Complete the following questions using either...Ch. 3 - Analyze the following transaction using the T...Ch. 3 - The following accounts have normal balances....Ch. 3 - What are the three major parts of a T account?Ch. 3 - Prob. 2RQCh. 3 - What is a footing?Ch. 3 - What is the relationship between the revenue and...Ch. 3 - What is the function of the trial balance?Ch. 3 - Prob. 1SEACh. 3 - DEBIT AND CREDIT ANALYSIS Complete the following...Ch. 3 - ANALYSIS OF T ACCOUNTS Richard Gibbs began a...Ch. 3 - NORMAL BALANCE OF ACCOUNT Indicate the normal...Ch. 3 - TRANSACTION ANALYSIS Linda Kipp started a business...Ch. 3 - TRANSACTION ANALYSIS Linda Kipp starred a business...Ch. 3 - ANALYSIS OF TRANSACTIONS Charles Chadwick opened a...Ch. 3 - ANALYSIS OF TRANSACTIONS Charles Chadwick opened a...Ch. 3 - TRIAL BALANCE The following accounts have normal...Ch. 3 - Provided below is a trial balance for Juanitas...Ch. 3 - Provided below is a trial balance for Juanitas...Ch. 3 - Provided below is a trial balance for Juanitas...Ch. 3 - T ACCOUNTS AND TRIAL BALANCE Wilhelm Kohl started...Ch. 3 - NET INCOME AND CHANGE IN OWNERS EQUITY Refer to...Ch. 3 - FINANCIAL STATEMENTS Refer to the trial balance in...Ch. 3 - FOOT AND BALANCE A T ACCOUNT Foot and balance the...Ch. 3 - DEBIT AND CREDIT ANALYSIS Complete the following...Ch. 3 - ANALYSIS OF T ACCOUNTS Roberto Alvarez began a...Ch. 3 - NORMAL BALANCE OF ACCOUNT Indicate the normal...Ch. 3 - TRANSACTION ANALYSIS George Atlas started a...Ch. 3 - TRANSACTION ANALYSIS George Atlas started a...Ch. 3 - ANALYSIS OF TRANSACTIONS Nicole Lawrence opened a...Ch. 3 - ANALYSIS OF TRANSACTIONS Nicole Lawrence opened a...Ch. 3 - TRIAL BALANCE The following accounts have normal...Ch. 3 - Provided below is a trial balance for Bills...Ch. 3 - Provided below is a trial balance for Bills...Ch. 3 - Provided below is a trial balance for Bills...Ch. 3 - T ACCOUNTS AND TRIAL BALANCE Sue Jantz started a...Ch. 3 - NET INCOME AND CHANGE IN OWNERS EQUITY Refer to...Ch. 3 - FINANCIAL STATEMENTS Refer to the trial balance in...Ch. 3 - Craig Fisher started a lawn service called Craigs...Ch. 3 - Your friend Chris Stevick started a part-time...
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- Provided below is a trial balance for Juanitas Delivery Service. Use this trial balance for Exercises 3-10A, 3-11A, and 3-12A. INCOME STATEMENT From the information in the trial balance presented above, prepare an income statement for Juanitas Delivery Service for the month ended September 30, 20--.arrow_forwardProvided below is a trial balance for Bills Delivery Service. Use this trial balance for Exercises 3-10B, 3-1 IB, and 3-12B. BALANCE SHEET From the information in the trial balance presented for Bills Delivery Service on page 80, prepare a balance sheet for Bills Delivery Service as of September 30, 20--.arrow_forwardProvided below is a trial balance for Juanitas Delivery Service. Use this trial balance for Exercises 3-10A, 3-11 A, and 3-12A. BALANCE SHEET From the information in the trial balance presented for Juanitas Delivery Service on page 76, prepare a balance sheet for Juanitas Delivery Service as of September 30, 20--.arrow_forward
- FINANCIAL STATEMENTS Refer to the trial balance in Problem 3-13B and to the analysis of the change in owners equity in Problem 3-14B. REQUIRED 1. Prepare an income statement for Jantz Plumbing Service for the month ended August 31, 20--. 2. Prepare a statement of owners equity for Jantz Plumbing Service for the month ended August 31, 20--. 3. Prepare a balance sheet for Jantz Plumbing Service as of August 31, 20--.arrow_forwardFINANCIAL STATEMENTS Refer to the trial balance in Problem 3-13A and to the analysis of the change in owners equity in Problem 3-14A. REQUIRED 1. Prepare an income statement for Kohls Home Repair for the month ended May 31, 20--. 2. Prepare a statement of owners equity for Kohls Home Repair for the month ended May 31, 20--. 3. Prepare a balance sheet for Kohls Home Repair as of May 31, 20--.arrow_forwardDuring the first month of operations, Landish Modeling Agency recorded transactions in T account form. Foot and balance the accounts. Then prepare a trial balance, an income statement, a statement of owners equity, and a balance sheet dated March 31, 20--.arrow_forward
- Provided below is a trial balance for Bills Delivery Service. Use this trial balance for Exercises 3-10B, 3-11B, and 3-12B. STATEMENT OF OWNERS EQUITY From the information in the trial balance presented above, prepare a statement of owners equity for Bills Delivery Service for the month ended September 30, 20--. Assume this is not the first month of operations and the owner did not invest in the business during September.arrow_forwardThe following account balances were taken from the adjusted trial balance for Capstone Messenger Service, a delivery service firm, for the fiscal year ended April 30, 20Y7: Depreciation Expense $8,800 Fees Earned 672,000 Insurance Expense 1,400 Miscellaneous Expense 3,650 Rent Expense 52,000 Salaries Expense 339,000 Supplies Expense 3,500 Utilities Expense 41,100 Prepare an income statement. Be sure to complete the statement heading. Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. A colon (:) will automatically appear if it is required.arrow_forwardUse the Trial Balance Information for Douglas Distinctive Services to complete an Income Statement, Statement of Owners Equity and Balance Sheet for year ended December 31,20__arrow_forward
- Preparing a worksheet The unadjusted trial balance of Data Solution at November 30, 2018, follows: Additional information at November 30, 2018: a. Accrued Service Revenue, $800. b. Depreciation, $350. c. Accrued Salaries Expense, $650. d. Prepaid Rent expired, $700. e. Office Supplies used, $550. Requirements Complete Data Solution’s worksheet for the month ended November 30, 2018. How much was net income for November?arrow_forwardThe adjusted trial balance of Tiger Company appears below. Using the information from the adjusted trail balance, prepare an Income Statement, Owner's Equity Statement, and Balance Sheet for the month ended Dec. 31 st. You may use the template provided or attach an excel spreadsheet with your solution. (Below the second picture, there are other blanks labeled owners equity statement, balance sheet dec. 31 assets, liabilities and owners equity)arrow_forwardThe following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for September 30, for BYDON Inc..: COS 65,625 Depreciation Expense 10,828 Insurance Expense 6,344 Miscellaneous Expense 2,625 Rent Expense 52,500 Service Revenue 202,344 Supplies Expense 6,891 Utilities Expense 10,938 Wages Expense 73,828 Required: Prepare a multi-step income statement. Calculated and define the gross margin %. BYDON Inc. Income Statement For the Period Ended September 30arrow_forward
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