Homework Answers
Ans:
| XYZ company | ||
| Income statement for year ended December 31,2019 | ||
| Revenue | ||
| Sales | 775000 | |
| Less: Cost of services | 465000 | |
| Gross Profit | 310000 | |
| Expenses | ||
| Marketing and advertisement expense | ||
| Marketing expenses | 26500 | 26500 |
| Administrative expenses | ||
| Management salaries expenses | 65000 | |
| Rent expenses | 40000 | |
| Insurance expenses | 18500 | |
| Utilities expenses | 12000 | 135500 |
| Depreciation and amoritization expenses | ||
| Depreciation expenses | 8000 | 8000 |
| Interest expenses | 5200 | |
| Tax expenses | ||
| Payroll tax expense | 17500 | |
| Provision for income tax | 13500 | 31000 |
| Total expenses | 206200 | |
| Net Income (Gross profit - expenses) | 103800 | |
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3. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for...
3. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for...
3. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for XYZ Company, a corporation, using the following information: $12,000 Utilities expense $18,500 Insurance expense Interest expense $5,200 Management salaries expense $65,000 $17,500 Payroll tax expense $775,000 Sales $26,500 Marketing expense $13,500 Provision for income taxes $465,000 Cost of services $40,000 Rent expense Depreciation expense $8,000
3. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for...
3. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for XYZ Company, a corporation, using the following information: Utilities expense $12,000 Insurance expense $18,500 Interest expense $5,200 $65,000 Management salaries expense Payroll tax expense $17,500 $775,000 Sales $26,500 Marketing expense Provision for income taxes $13,500 Cost of services $465,000 Rent expense $40,000 Depreciation expense $8,000
1. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for...
1. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for ABC Company, an LLC, using the following information: Utilities expense Equipment rental expense Interest expense Management salaries expense Gross sales Sales and marketing expense Payroll tax expense Sales returns and allowances Cost of goods sold Rent expense Depreciation expense $23,000 $25,500 $4,500 $100,000 $905,000 $15,000 $12,300 $1,500 $567,000 $24,000 $3,000
4. Construct a complete, properly formatted balance sheet as of December 31 2019, for XYZ Company,...
4. Construct a complete, properly formatted balance sheet as of December 31 2019, for XYZ Company, a corporation, using the following information: $22,400 Accumulated depreciation $10,000 Equipment loan payable $1,300 Payroll taxes payable $52,000 Accounts receivable $75,700 Building $5,400 Cash $13,200 Accounts payable $11,800 Equipment $86,400 Inventory $48,000 Mortgage payable $4,800 Management salaries payable Common stock $50,000 $8,300 Short-term portion of long-term debt
4. Construct a complete, properly formatted balance sheet as of December 31, 2019, for XYZ Company,...
4. Construct a complete, properly formatted balance sheet as of December 31, 2019, for XYZ Company, a corporation, using the following information: Accumulated depreciation Equipment loan payable Payroll taxes payable Accounts receivable Building Cash Accounts payable Equipment Inventory Mortgage payable Management salaries payable Common stock Short-term portion of long-term debt $22,400 $10,000 $1,300 $52,000 $75,700 $5,400 $13,200 $11,800 $86,400 $48,000 $4,800 $50,000 $8,300
Bolton Consulting Work Sheet For the year ended December 31 Balance Sheet and Statement of Stockholders...
Bolton Consulting Work Sheet For the year ended December 31 Balance Sheet and Statement of Stockholders Income Statement Equity Adjusted Unadjusted Trial Trial Balance Adjustments Balance Account Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Cash 31,000 Accounts Receivable 8,000 Supplies 12,500 Automobiles 175,000 Accum. Depr. - Autos 52,000 17,500 Accounts payable Unearned 26,500 fees Salaries payable Capital Stock 58.000 Dividends 42,500 241,750 Fees earned Salary 91,000 Module 8: Portfolio Project 262020 expense Rent expense 35,750 Advertising expense...
The nominal accounts of Boston Clinic for the year ended December 2018 are listed below in...
The nominal accounts of Boston Clinic for the year ended December 2018 are listed below in alphabetical order: Depreciation expense $90,000 General/administrative expenses 70,000 Interest expense 20,000 Investment income 40,000 Net income 30,000 Net operating revenues 410,000 Other revenue 10,000 Patient service revenue 440,000 Provision for bad debts 40,000 Purchased clinic services 90,000 Salaries and benefits 170,000 a. Prepare a properly formatted income statement for the year ended December 31, 2018. b. Did Boston Clinic spend $90,000 on new fixed...
The nominal accounts of Boston Clinic for the year ended December 2018 are listed below in...
The nominal accounts of Boston Clinic for the year ended December 2018 are listed below in alphabetical order Depreciation expense General/administrative expenses Interest expense Investment income Net income Net operating revenues Other revenue Patient service revenue Provision for bad debts Purchased clinic services Salaries and benefits $90,000 70,000 20,000 40,000 10,000 410,000 10,000 440,000 40,000 90,000 170.000 a. Prepare a properly formatted income statement for the year ended December 31, 2018. b. Did Boston Clinic spend $90,000 on new fixed...
Prepare Debit Company's income statement and statement of retained earnings for the year ended December 31,...
Prepare Debit Company's income statement and statement of
retained earnings for the year ended December 31, 20X7
Income Statement Revenue Expenses Total Expenses Net Income Statement of Retained Earnings Beginning Retained Earnings Net Income Less: Dividends Ending Retained Earnings Debit Company Adjusted Trial Balance December 31, 20X7 $4,000 2,000 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable Salary payable Unearned revenue (2 month advance) Note payable - long term Common stock...
In its income statement for the year ended December 31, 2017, Pharoah Company reported the following...
In its income statement for the year ended December 31, 2017, Pharoah Company reported the following condensed data. Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense $465,000 Loss on disposal of plant assets 1,243,000 Sales revenue 66,000 Income tax expense 127,900 Sales discounts 305,000 Utilities expense $83,500 2,410,000 25,000 150,000 110,000 Prepare a multiple-step income statement. (List other revenues before other expenses.) PHAROAH COMPANY Income Statement PHAROAH COMPANY Income Statement
3. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for XYZ Company, a corporation, using the following information: $12,000 Utilities expense $18,500 Insurance expense Interest expense $5,200 Management salaries expense $65,000 $17,500 Payroll tax expense $775,000 Sales $26,500 Marketing expense $13,500 Provision for income taxes $465,000 Cost of services $40,000 Rent expense Depreciation expense $8,000
3. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for XYZ Company, a corporation, using the following information: Utilities expense $12,000 Insurance expense $18,500 Interest expense $5,200 $65,000 Management salaries expense Payroll tax expense $17,500 $775,000 Sales $26,500 Marketing expense Provision for income taxes $13,500 Cost of services $465,000 Rent expense $40,000 Depreciation expense $8,000
1. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for ABC Company, an LLC, using the following information: Utilities expense Equipment rental expense Interest expense Management salaries expense Gross sales Sales and marketing expense Payroll tax expense Sales returns and allowances Cost of goods sold Rent expense Depreciation expense $23,000 $25,500 $4,500 $100,000 $905,000 $15,000 $12,300 $1,500 $567,000 $24,000 $3,000
4. Construct a complete, properly formatted balance sheet as of December 31 2019, for XYZ Company, a corporation, using the following information: $22,400 Accumulated depreciation $10,000 Equipment loan payable $1,300 Payroll taxes payable $52,000 Accounts receivable $75,700 Building $5,400 Cash $13,200 Accounts payable $11,800 Equipment $86,400 Inventory $48,000 Mortgage payable $4,800 Management salaries payable Common stock $50,000 $8,300 Short-term portion of long-term debt
4. Construct a complete, properly formatted balance sheet as of December 31, 2019, for XYZ Company, a corporation, using the following information: Accumulated depreciation Equipment loan payable Payroll taxes payable Accounts receivable Building Cash Accounts payable Equipment Inventory Mortgage payable Management salaries payable Common stock Short-term portion of long-term debt $22,400 $10,000 $1,300 $52,000 $75,700 $5,400 $13,200 $11,800 $86,400 $48,000 $4,800 $50,000 $8,300
Bolton Consulting Work Sheet For the year ended December 31 Balance Sheet and Statement of Stockholders Income Statement Equity Adjusted Unadjusted Trial Trial Balance Adjustments Balance Account Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Cash 31,000 Accounts Receivable 8,000 Supplies 12,500 Automobiles 175,000 Accum. Depr. - Autos 52,000 17,500 Accounts payable Unearned 26,500 fees Salaries payable Capital Stock 58.000 Dividends 42,500 241,750 Fees earned Salary 91,000 Module 8: Portfolio Project 262020 expense Rent expense 35,750 Advertising expense...
The nominal accounts of Boston Clinic for the year ended December 2018 are listed below in alphabetical order Depreciation expense General/administrative expenses Interest expense Investment income Net income Net operating revenues Other revenue Patient service revenue Provision for bad debts Purchased clinic services Salaries and benefits $90,000 70,000 20,000 40,000 10,000 410,000 10,000 440,000 40,000 90,000 170.000 a. Prepare a properly formatted income statement for the year ended December 31, 2018. b. Did Boston Clinic spend $90,000 on new fixed...
Prepare Debit Company's income statement and statement of
retained earnings for the year ended December 31, 20X7
Income Statement Revenue Expenses Total Expenses Net Income Statement of Retained Earnings Beginning Retained Earnings Net Income Less: Dividends Ending Retained Earnings Debit Company Adjusted Trial Balance December 31, 20X7 $4,000 2,000 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable Salary payable Unearned revenue (2 month advance) Note payable - long term Common stock...
In its income statement for the year ended December 31, 2017, Pharoah Company reported the following condensed data. Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense $465,000 Loss on disposal of plant assets 1,243,000 Sales revenue 66,000 Income tax expense 127,900 Sales discounts 305,000 Utilities expense $83,500 2,410,000 25,000 150,000 110,000 Prepare a multiple-step income statement. (List other revenues before other expenses.) PHAROAH COMPANY Income Statement PHAROAH COMPANY Income Statement
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