2 Semester Cengage Now, Warren Accounting
26th Edition
ISBN: 9781305662308
Author: WARREN
Publisher: Cengage
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Chapter 4, Problem 4.6EX
To determine
Financial statement
A financial statement is the complete record of financial transactions that take place in a company at a particular point of time. It provides important financial information like assets, liabilities, revenues and expenses of the company to its internal and external users. It helps them to know the exact financial position of the company. There are four basic financial statements; they are:
Balance Sheet
- Income statement
- Statement of owners’ equity
- Statement of cash flows
Income statement: The financial statement which, reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular period is referred to as income statement.
To Prepare: An income statement for the year ended February 29, 2016.
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owing income statement accounts in the popup window, E
t for the year.
ow for the year.
Data Table
nt for the year.
at below. (Round to the nearest dollar.
(Click on the following icon in order to copy its contents into a spreadsheet.)
ncome Statement
Income Statement Accounts for the Year Ending 2017
Balance
nding December 31, 2017
Account
Cost of goods sold
Interest expense
Taxes
Revenue
Selling, general, and administrative expenses
Depreciation
$341,000
$75,000
59,600
S743,000
$62,000
$116,000
Print
Done
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The following is a partial listing of accounts for
XYZ, Inc., for the year ended December 31, 2020.
Required:
Prepare multiple step income statement for
the year of 2020.
Finished Goods
Current Maturities of Long-Term Debt
Accumulated Depreciation
Accounts Receivable
$ 38,872
2,515
19,960
Sales Revenue
6,273
127,260
Treasury Stock
251
Prepaid Expenses
2,199
Deferred Taxes (long-term liability)
8,506
Interest Expense
2,410
Allowance for Doubtful Accounts
915
Retained Earnings
18,951
Raw Materials
9,576
Accounts Payable
19,021
Cash and Cash Equivalents
8,527
Sales Salaries Expense
872
Cost of Goods Sold
82,471
Investment in Unconsolidated
3,559
Subsidiaries
Income Taxes Payable
8,356
Work In Process
1,984
Additional Paid-In Capital
9,614
Equipment
41,905
Long-Term Debt
15,258
Rent Income
2,468
Common Stock
3,895
Notes Payable (short-term)
6,156
Income Tax Expense
2,461
The following balances have been excerpted from Tito Piccolo's statement of financial position:
Prepaid Insurance
Interest Receivable
Salaries Payable
Accounts Receivable
December 31
January 1
P
6,000
P
7,500
3,700
14,500
61.500
53,000
550.000
415.000
Allowance for bad debts
40.000
25,000
Tito Piccolo Company reported the following during 2020 the following items:
Insurance premiums paid
Interest collected
Salaries paid
Sales
41,500
123,500
481,000
1,980,000
How much is the interest revenue on the income statement for 2020? (no peso sign, no comma, whole number only)
Chapter 4 Solutions
2 Semester Cengage Now, Warren Accounting
Ch. 4 - Why do some accountants prepare an end-of-period...Ch. 4 - Describe the nature of the assets that compose the...Ch. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - Why are closing entries required at the end of an...Ch. 4 - What is the difference between adjusting entries...Ch. 4 - What is the purpose of the post-closing trial...Ch. 4 - Prob. 8DQCh. 4 - What is the natural business year?Ch. 4 - Prob. 10DQ
Ch. 4 - Prob. 4.1APECh. 4 - Flow of accounts into financial statements The...Ch. 4 - Statement of owner's equity Marcie Davies owns and...Ch. 4 - Statement of owners equity Blake Knudson owns and...Ch. 4 - Classified balance sheet The following accounts...Ch. 4 - Prob. 4.3BPECh. 4 - Closing entries After the accounts have been...Ch. 4 - Closing entries After the accounts have been...Ch. 4 - Accounting cycle From the following list of steps...Ch. 4 - Accounting cycle From the following list of steps...Ch. 4 - Prob. 4.6APECh. 4 - Prob. 4.6BPECh. 4 - Flow of accounts into financial statements The...Ch. 4 - Prob. 4.2EXCh. 4 - Financial statements from the end-of-period...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Income statement The following account balances...Ch. 4 - Prob. 4.6EXCh. 4 - Prob. 4.7EXCh. 4 - Statement of owner's equity Apex Systems Co....Ch. 4 - Statement of owners equity; net loss Selected...Ch. 4 - Prob. 4.10EXCh. 4 - Balance sheet classification At the balance sheet...Ch. 4 - Balance sheet Optimum Weight Loss Co. offers...Ch. 4 - Prob. 4.13EXCh. 4 - Prob. 4.14EXCh. 4 - Closing entries Prior to its closing, Income...Ch. 4 - Closing entries with net income After all revenue...Ch. 4 - Closing entries with net loss Mira Services Co....Ch. 4 - Prob. 4.18EXCh. 4 - Prob. 4.19EXCh. 4 - Steps in the accounting cycle Rearrange the...Ch. 4 - Prob. 4.21EXCh. 4 - Prob. 4.22EXCh. 4 - Completing an end-of-period spreadsheet List (a)...Ch. 4 - Prob. 4.24EXCh. 4 - Prob. 4.25EXCh. 4 - Appendix Completing an end-of-period spreadsheet...Ch. 4 - Appendix Adjustment data on an end-of-period...Ch. 4 - Appendix Completing an end-of-period spreadsheet...Ch. 4 - Prob. 4.1APRCh. 4 - Financial statements and closing entries Finders...Ch. 4 - T accounts, adjusting entries, financial...Ch. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Complete accounting cycle For the past several...Ch. 4 - Financial statements and closing entries Last...Ch. 4 - Financial statements and closing entries The...Ch. 4 - T accounts, adjusting entries, financial...Ch. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Complete accounting cycle For the past several...Ch. 4 - The unadjusted trial balance of PS Music as of...Ch. 4 - Kelly Pitney began her consulting business, Kelly...Ch. 4 - Prob. 4.1CPCh. 4 - Financial statements The following is an excerpt...Ch. 4 - Financial statements Assume that you recently...
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