Homework Answers
| XYZ Corporation | ||
| Income Statement | ||
| Particulars | Amount ($) | Amount ($) |
| Sales | 3,26,000 | |
| Less: Sales returns & allowances | 18,000 | |
| Less: Sales discounts | 6,000 | |
| Net Sales | 3,02,000 | |
| Add: Gain on sale of equipment | 16,000 | |
| Total Revenues | 3,18,000 | |
| Less: Expenses | ||
| Cost of goods sold | 1,25,000 | |
| Salaries Expenses | 83,000 | |
| Rent Expenses | 39,000 | |
| Utility Expenses | 12,000 | |
| Delivery Expenses | 9,000 | |
| Insurance Expenses | 4,000 | |
| Interest Expenses | 7,000 | |
| Total Expenses | 2,79,000 | |
| Income Before Taxes | 39,000 | |
| "Hence, the Income Before Taxes will be $39,000" | ||
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XYZ Corporation's adjusted trial balance contained the following information contained the fe fiscal year ended December...
XYZ Corporation's adjusted trial balance contained the following information contained fiscal year ended December 31, 2015:...
XYZ Corporation's adjusted trial balance contained the following information contained fiscal year ended December 31, 2015: Dr Cr Sales 326,000 Sales Returns & Allowances 18,000 Sales Discounts 6,000 125,000 83,000 39,000 12,000 Cost of Goods Sold Salaries Expense Rent Expense Utility Expense Delivery Expense Insurance Expense 9,000 4,000 7,000 Interest Expense 16,000 Gain on Sale of Equipment 12,000 Income Tax Expense Net Income was:
XYZ Corporation's adjusted trial balance contained the following information contained the fa fiscal year ended December...
XYZ Corporation's adjusted trial balance contained the following information contained the fa fiscal year ended December 31, 2015: Dr Cr 326,000 Sales Sales Returns & Allowances Sales Discounts Cost of Goods Sold Salaries Expense Rent Expense Utility Expense Delivery Expense Insurance Expense Interest Expense Gain on Sale of Equipment Income Tax Expense 18,000 6,000 125,000 83,000 39,000 12,000 9,000 4,000 7,000 16,000 12,000 Income From Operations was :
xyz corporation adjusted XYZ Corporation's adjusted trial balance contained the following information contained the...
xyz corporation adjusted
XYZ Corporation's adjusted trial balance contained the following information contained the following informatie fiscal year ended December 31, 2015: Dr Cr 326,000 Sales Sales Returns & Allowances Sales Discounts Cost of Goods Sold Salaries Expense Rent Expense Utility Expense Delivery Expense Insurance Expense Interest Expense Gain on Sale of Equipment Income Tax Expense 18,000 6,000 125,000 83,000 39,000 12,000 9,000 4,000 wwwwwwwwwww 7,000 16,000 12,000 Gross Profit was:
E S TETSSIBILITIES 14 XYZ Products, Selected Accounts from the Adjusted Trial Balance dated December 31,...
E S TETSSIBILITIES 14 XYZ Products, Selected Accounts from the Adjusted Trial Balance dated December 31, 2018 Sales 426,000 426,000 Sales returns 13.00 13,000 stion Inventory 28,902 Purchase discounts 2,370 Purchase returns 5,000 Transportation In 2,346 Josh Anderson, (Proprietor) 2,800 CR Sales discounts. 7,000 Depreciation expense 10,000 Purchase allowances 4,000 Sales allowances 6,000 Purchases 246,000 Purchases 246,000 Property tax expense 14,625 Store supplies expense 3,814 Wages expense 62,375 REQUIRED (NOTE THAT ALL ACCOUNTS HAVE THEIR NORMAL DEBIT OR CREDIT BALANCES):...
The adjusted trial balance of Pronghorn Wholesale Inc. contained the following accounts at December 31, the...
The adjusted trial balance of Pronghorn Wholesale Inc.
contained the following accounts at December 31, the company’s year
end:
PRONGHORN WHOLESALE INC.
Adjusted Trial Balance
December 31, 2018
Debit
Credit
Cash
$12,900
Accounts receivable
18,000
Prepaid insurance
2,600
Inventory
105,500
Supplies
6,300
Land
129,600
Buildings
217,300
Accumulated depreciation—buildings
$92,400
Equipment
96,500
Accumulated depreciation—equipment
33,300
Accounts payable
61,600
Unearned revenue
9,000
Income tax payable
3,900
Bank loan payable
97,400
Common shares
51,000
Retained earnings
142,700
Sales
1,098,700
Sales returns and allowances...
complete the worksheet The trial balance of Oriole Company contained the following accounts at November 30,...
complete the worksheet
The trial balance of Oriole Company contained the following accounts at November 30, the end of the company's fiscal year. The company uses the perpetual inventory system. Oriole Company Trial Balance November 30, 2019 Credit Debit $ 8,600 30,500 44,200 6,200 131,000 $ 26,000 55,000 33,900 60,000 40,000 Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and...
The adjusted trial balance of Kasten company contained the following information: &nbs
The adjusted trial balance of Kasten company contained the following information: Debit. Credit Sales $660,000 Sales returns and allowances $20,000 Sales discount 7,000 Cost of goods sold 436,000 Freight-out 2,000 Interest expense 102,000 Store salaries 55,000 Utilities expense 28,000 Depreciation expense 22,000 Interest revenue 5,000 Required: Use the above information to prepare a multiple-step income statement for the year-ended December 31.
The trial balance of Bellemy Fashion Center contained the following accounts at November 30, the end...
The trial balance of Bellemy Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. BELLEMY FASHION CENTER Trial Balance November 30, 2010 Debit Credit Cash $28,700 Accounts Receivable 33,700 Merchandise Inventory 45,000 Store Supplies 5,500 Store Equipment 85,000 Acc. Depreciation - Store Equipment $18,000 Delivery Equipment 48,000 Acc. Depreciation - Delivery Equipment 6,000 Notes Payable 51,000 Accounts Payable 48,500 Common Stock 90,000 Retained Earnings 8,000 Sales 757,200 Sales Returns and Allowances 4,200 Cost...
Credit $ 2,000 BUSI 1043 INC. Adjusted Trial Balance Asat December 31, 2019 Debit Cash $...
Credit $ 2,000 BUSI 1043 INC. Adjusted Trial Balance Asat December 31, 2019 Debit Cash $ 20,000 Accounts Receivable $ 17,000 Allowance for doubtful accounts Inventory $ 10,000 Prepaid Expenses $ 2,000 Long Term Investments $100,000 Building $300,000 Accumulated Depreciation - Building Equipment $ 75,000 Accumulated Depreciation - Equipment Accounts Payable Salaries Payable Interest Payable Income Tax Payable Unearned Revenue Current portion of bank loan payable Bank loan payable Common Shares Dividends Declared $ 16,000 $ 30,000 $ 15,000 $...
Valley Company’s adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following...
Valley Company’s adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense—selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Debit Credit Merchandise inventory (ending) $ 43,000 Other (noninventory) assets 65,150 Total liabilities $ 25,400 Common stock 17,360 Retained earnings 21,700 Dividends 8,500 Sales 225,700 Sales discounts 2,260 Sales returns and allowances 12,000 Cost of goods sold 72,100 Sales...
XYZ Corporation's adjusted trial balance contained the following information contained fiscal year ended December 31, 2015: Dr Cr Sales 326,000 Sales Returns & Allowances 18,000 Sales Discounts 6,000 125,000 83,000 39,000 12,000 Cost of Goods Sold Salaries Expense Rent Expense Utility Expense Delivery Expense Insurance Expense 9,000 4,000 7,000 Interest Expense 16,000 Gain on Sale of Equipment 12,000 Income Tax Expense Net Income was:
XYZ Corporation's adjusted trial balance contained the following information contained the fa fiscal year ended December 31, 2015: Dr Cr 326,000 Sales Sales Returns & Allowances Sales Discounts Cost of Goods Sold Salaries Expense Rent Expense Utility Expense Delivery Expense Insurance Expense Interest Expense Gain on Sale of Equipment Income Tax Expense 18,000 6,000 125,000 83,000 39,000 12,000 9,000 4,000 7,000 16,000 12,000 Income From Operations was :
xyz corporation adjusted
XYZ Corporation's adjusted trial balance contained the following information contained the following informatie fiscal year ended December 31, 2015: Dr Cr 326,000 Sales Sales Returns & Allowances Sales Discounts Cost of Goods Sold Salaries Expense Rent Expense Utility Expense Delivery Expense Insurance Expense Interest Expense Gain on Sale of Equipment Income Tax Expense 18,000 6,000 125,000 83,000 39,000 12,000 9,000 4,000 wwwwwwwwwww 7,000 16,000 12,000 Gross Profit was:
E S TETSSIBILITIES 14 XYZ Products, Selected Accounts from the Adjusted Trial Balance dated December 31, 2018 Sales 426,000 426,000 Sales returns 13.00 13,000 stion Inventory 28,902 Purchase discounts 2,370 Purchase returns 5,000 Transportation In 2,346 Josh Anderson, (Proprietor) 2,800 CR Sales discounts. 7,000 Depreciation expense 10,000 Purchase allowances 4,000 Sales allowances 6,000 Purchases 246,000 Purchases 246,000 Property tax expense 14,625 Store supplies expense 3,814 Wages expense 62,375 REQUIRED (NOTE THAT ALL ACCOUNTS HAVE THEIR NORMAL DEBIT OR CREDIT BALANCES):...
The adjusted trial balance of Pronghorn Wholesale Inc.
contained the following accounts at December 31, the company’s year
end:
PRONGHORN WHOLESALE INC.
Adjusted Trial Balance
December 31, 2018
Debit
Credit
Cash
$12,900
Accounts receivable
18,000
Prepaid insurance
2,600
Inventory
105,500
Supplies
6,300
Land
129,600
Buildings
217,300
Accumulated depreciation—buildings
$92,400
Equipment
96,500
Accumulated depreciation—equipment
33,300
Accounts payable
61,600
Unearned revenue
9,000
Income tax payable
3,900
Bank loan payable
97,400
Common shares
51,000
Retained earnings
142,700
Sales
1,098,700
Sales returns and allowances...
complete the worksheet
The trial balance of Oriole Company contained the following accounts at November 30, the end of the company's fiscal year. The company uses the perpetual inventory system. Oriole Company Trial Balance November 30, 2019 Credit Debit $ 8,600 30,500 44,200 6,200 131,000 $ 26,000 55,000 33,900 60,000 40,000 Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and...
Credit $ 2,000 BUSI 1043 INC. Adjusted Trial Balance Asat December 31, 2019 Debit Cash $ 20,000 Accounts Receivable $ 17,000 Allowance for doubtful accounts Inventory $ 10,000 Prepaid Expenses $ 2,000 Long Term Investments $100,000 Building $300,000 Accumulated Depreciation - Building Equipment $ 75,000 Accumulated Depreciation - Equipment Accounts Payable Salaries Payable Interest Payable Income Tax Payable Unearned Revenue Current portion of bank loan payable Bank loan payable Common Shares Dividends Declared $ 16,000 $ 30,000 $ 15,000 $...
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