1.
Introduction:
Financial Statements: The financial statements of a company are prepared at the end of an accounting year to calculate the total liabilities, total assets, net profit or loss, and increase or decrease in cash during the year. The financial statements are used by various external and internal parties.
To prepare: The classified
2.
Introduction:
Financial Statements: The financial statements of a company are prepared at the end of an accounting year to calculate the total liabilities, total assets, net profit or loss, and increase or decrease in cash during the year. The financial statements are used by various external and internal parties.
To calculate: The
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HORNGREN'S FIN.+MGRL..:MANAG.CHP.-MYLAB
- The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.arrow_forwardThe following is the adjusted trial balance data for Elm Connections as of December 31, 2019. A. Use the data provided to compute net sales for 2019. B. Compute the gross margin for 2019. C. Compute the gross profit margin ratio (rounded to nearest hundredth) D. Prepare a simple income statement for the year ended December 31, 2019. E. Prepare a multi-step income statement for the year ended December 31, 2019.arrow_forwardThe following information is taken from the records of Rosebloom Flowers for the year 2019. A. Calculate net income or net loss for January. B. Calculate net income or net loss for February. C. Calculate net income or net loss for March. D. For each situation, comment on how a stakeholder might view the firms performance. (Hint: think about the source of the income or loss.)arrow_forward
- The following is the adjusted trial balance data for Emmas Alterations as of December 31, 2019. A. Use the data provided to compute net sales for 2019. B. Compute the gross margin for 2019. C. Compute the gross profit margin ratio (rounded to nearest hundredth). D. Prepare a simple income statement for the year ended December 31, 2019. E. Prepare a multi-step income statement for the year ended December 31, 2019.arrow_forwardRequired: Prepare the following, December 31, 2019, financial statements: Income Statement Retained Earnings Statement Balance Sheet December 31, 2019, adjusted trial balance is provided below. Prepare the fiscal year-end closing entries. a. Prepare the January 1, 2020 opening trial balance. b. Prepare the journal entries for the first six months of 2020. provided is a summary of activities accounting entries that need to be prepared 2. The owners would like to know the current (as of 6/30/20) cash and the inventory balance. They would like you to provide a “T” account showing the activity in each account. step by step explanation for number 1 with subparts. (underlined question)arrow_forwardRequired: Prepare the following, December 31, 2019, financial statements: Income Statement Retained Earnings Statement Balance Sheet December 31, 2019, adjusted trial balance is provided below. Prepare the fiscal year-end closing entries. a. Prepare the January 1, 2020 opening trial balance. b. Prepare the journal entries for the first six months of 2020. provided is a summary of activities accounting entries that need to be prepared 2. The owners would like to know the current (as of 6/30/20) cash and the inventory balance. They would like you to provide a “T” account showing the activity in each account.arrow_forward
- The adjusted trial balance of Martinez Advertising Services, at December 31, 2024, follows. This is the first year of operations. Requirements 1. Prepare the income statement for the year ended December 31, 2024. 2. Prepare the statement of owner's equity for the year ended December 31, 2024. Assume the owner had no additional contributions during the year. 3. Prepare the classified balance sheet at December 31, 2024. Use the report form. 4. Calculate the current ratio at December 31, 2024. 5. Journalize and post the closing entries. Indicate the balance of the Martinez,Capital account after the closing entries are posted. 6. Prepare a post-closing trial balance at December 31,2024.arrow_forwardThe trial balance and additional information given below was obtained from the records of Vancouver Traders on 28 February 2020, the end of the financial year.REQUIREDUse the trial balance, adjustments and additional information to prepare the Income statement for the year ended 28 February 2020 Vancouver TradersPRE-ADJUSTMENT TRIAL BALANCE ON 28 FEBRUARY 2020Balance sheet accounts sectionDebitCreditCapital1 300 000Drawings96 000Land and Buildings912 000Vehicles at Cost672 000Equipment at Cost480 000Accumulated Depreciation on Vehicles384 000Accumulated Depreciation on Equipment168 800Fixed deposit: Fin Bank (9% p.a.)144 000Trading inventory123 000Debtors control142 420Provision for Bad Debts7 200Bank59 944Cash Float7 200Creditors Control133 344Mortgage Loan Fin Bank (12%)240 000Nominal Accounts SectionSales1 510 320Cost of sales432 000Sales returns9 600Salaries and wages427 200Bad debts13 400Stationery21 800Rates and Taxes57 100Motor expenses96 000 Repairs to building17 200Telephone32…arrow_forwardJournal entries and trial balanceElite Realty acts as an agent in buying, selling, renting, and managingreal estate. The unadjusted trial balance on March 31, 2019, follows: (attached) The attached business transactions were completed by Elite Realtyduring April 2019: Instructions1. Record the April 1, 2019, balance of each account in the appropriatebalance column of a four-column account, write Balance in the itemsection, and place a check mark () in the Posting Reference column. 2. Journalize the transactions for April in a two-column journalbeginning on Page 18. Journal entry explanations may be omitted.3. Post to the ledger, extending the account balance to the appropriatebalance column after each posting.4. Prepare an unadjusted trial balance of the ledger as of April 30, 2019. 5. Assume that the April 30 transaction for salaries and commissionsshould have been $19,100. (a) Why did the unadjusted trial balance in (4)balance? (b) Journalize the correcting entry. (c) Is this error…arrow_forward
- Required: Prepare the following, December 31, 2019, financial statements: Income Statement Retained Earnings Statement Balance Sheet December 31, 2019, adjusted trial balance is provided below. Prepare the fiscal year-end closing entries. Prepare the January 1, 2020 opening trial balance. Prepare the journal entries for the first six months of 2020. The owners provided a written summary of activities they believe accounting entries need to be prepared (see page 2). The owners would like to know the current (as of 6/30/20) cash and the inventory balance. They would like you to provide a “T” account showing the activity in each account.arrow_forwardThe income statement for Zuhoor Muscat, Inc. for the month of June, 2020 contains the following information: Revenues RO 25,200; Expenses RO 12,960. The entry to close the revenue account includes a: Select one: a. Debit to Revenue for RO 12,240. b. Credit to Retained Earnings for RO 12,240. c. Debit to Income Summary for RO 25,200. d. None of the answers is correct.arrow_forwardThe following is the Trial Balance of Maple Union Berhad at 31 December 2020. (refer to the images) Required: Prepare:a. the Statement of Comprehensive Income for the year ended 31 December2020. b. the Statement of Financial Position as at 31 December 2020.arrow_forward
- Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage LearningPrinciples of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College