Homework Answers
1) Ace Delivery service
Income statement
July 31,2020
| Revenue | ||
| Service revenue | 13000 | |
| Expense | ||
| Salaries and wages expense | 7000 | |
| Maintenance and repairs expense | 1100 | |
| Gasoline expense | 800 | |
| Utilities expense | 600 | |
| total expense | 9500 | |
| Net income | 3500 | |
Ace delivery service
Statement of retained earnings
July 31,2020
| Beginning retained earnings | 0 |
| Add: Net income | 3500 |
| 3500 | |
| Less: Dividend | -900 |
| Ending retained earnings | 2600 |
Ace delivery service
Balance sheet
July 31,2020
| Assets | ||
| Current assets | ||
| Cash | 16000 | |
| Account receivable | 10000 | |
| Supplies | 3000 | |
| Prepaid insurance | 2000 | |
| Total current assets | 31000 | |
| Property, plant and equipment | ||
| Equipment | 45000 | |
| Total assets | 76000 | |
| Liabilities and stockholder's equity | ||
| Current liabilities | ||
| Account payable | 7900 | |
| Salaries and wages payable | 1000 | |
| Unearned service revenue | 2500 | |
| Total current liabilities | 11400 | |
| Long term liabilities | ||
| Notes payable | 22000 | |
| Total liabilities | 33400 | |
| Stockholder's equity | ||
| Common Stock | 40000 | |
| Retained earnings | 2600 | |
| Total Stockholder's equity | 42600 | |
| Total liabilities and stockholder's equity | 76000 | |
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2. Ace Delivery Service is a new company founded on July 1, 2020. At the end...
The accounts in the ledger of Steve's Delivery Service contain the following balances on July 31,...
The accounts in the ledger of Steve's Delivery Service contain the following balances on July 31, 2017, Accounts Receivable$11,400 Prepaid Insurance $ 2,300 Accounts Payable 7,400 Maintenance/Repairs Expense 1,400 25,500 800 Cash 17,940 Service Revenue Equipment 59,360 Supplies expense 900 Supplies Gasoline Expense Insurance Expense600 Salaries and Wages Expense 6,400 Notes Payable, due 3,800 31,450 Salaries and Wages Payable 900 12/31/18 Unearned revenue 8,650 Steve Smith, Capital 7/1/17 31,000 Instructions Prepare an income statement, a statement of owner's equity, and...
The accounts in the ledger of Rapid Delivery Service contain the following balances on July 31,...
The accounts in the ledger of Rapid Delivery Service contain the following balances on July 31, 2017. Accounts Receivable Accounts Payable Cash Equipment Maintenance and Repairs Expense Insurance Expense $14,800 9,800 ? 59,470 3,358 700 30 450 $ 3,500 16,900 900 40,110 Prepaid Insurance Service Revenue Dividends Common Stock Salaries and Wages Expense Salaries and Wages Payable Retained Earnings (July 1, 2017) 9,428 950 6,500 Notes Payable (due 2020) Prepare a trial balance. RAPID DELIVERY SERVICE Trial Balance Debit Credit...
CALCULATOR STANDARD VIEW PRINTER VERSION Exercise 2-16 The accounts in the ledger of Lily Delivery Service...
CALCULATOR STANDARD VIEW PRINTER VERSION Exercise 2-16 The accounts in the ledger of Lily Delivery Service contain the following balances on July 31, 2020, Accounts Recevable Accounts Payable Cash Equipment Gasoline Expense Utilities Expense Notes Payable $7,500 Prepaid Insurance 8,900 Maintenance and Repairs Expense 7 Service Revenue 50,000 Owner's Drawings 700 Owner's Capital 500 Salaries and Wages Expense 16,000 Salaries and Wages Payable $1,800 500 10,000 900 41,000 4,900 700 Prepare a trial balance and fill in the missing amount...
The accounts in the ledger of Rapid Delivery Service contain the following balances on July 31,...
The accounts in the ledger of Rapid Delivery Service contain the following balances on July 31, 2017. Accounts Receivable $14,400 Prepaid Insurance $ 4,200 Accounts Payable 9,400 Service Revenue 16,900 Cash ? Dividends 850 Equipment 59,460 Common Stock Maintenance and Repairs 3,358 Salaries and Wages Expense Expense Insurance Expense 750 Salaries and Wages Payable 1,020 29,450 Retained Earnings (July 1, Notes Payable (due 2020) 7,200 40,100 8,428 29,450 2017) Prepare a trial balance RAPID DELIVERY SERVICE Trial Balance Debit Credit
The accounts in the ledger of Dependable Delivery Service contain the following balances on July 31,...
The accounts in the ledger of Dependable Delivery Service
contain the following balances on July 31, 2017.
Accounts Receivable
$11,400
Prepaid Insurance
$1,800
Accounts Payable
7,400
Maintenance and Repairs Expense
1,200
Cash
15,940
Service Revenue
15,500
Equipment
59,360
Dividends
800
Gasoline Expense
950
Common Stock
40,000
Insurance Expense
600
Salaries and Wages Expense
8,400
Notes Payable, due 2020
31,450
Salaries and Wages Payable
900
Retained Earnings (July 1, 2017)
5,200
(a)
Prepare an income statement for July 2017.
The accounts in the ledger of Rapid Delivery Service contain the following balances on July 31,...
The accounts in the ledger of Rapid Delivery Service contain
the following balances on July 31, 2017.
Accounts Receivable
$14,900
Prepaid Insurance
$ 3,500
Accounts Payable
9,900
Service Revenue
17,400
Cash
?
Dividends
860
Equipment
59,560
Common Stock
40,200
Maintenance and Repairs Expense
3,858
Salaries and Wages Expense
8,628
Insurance Expense
740
Salaries and Wages Payable
940
Notes Payable (due 2020)
29,650
Retained Earnings (July 1, 2017)
6,500
Prepare a trial balance.
The accounts in the ledger of Rapid Delivery Service contain the following balances on July 31,...
The accounts in the ledger of Rapid Delivery Service contain
the following balances on July 31, 2017.
Accounts Receivable
$14,400
Prepaid Insurance
$ 4,000
Accounts Payable
9,400
Service Revenue
17,400
Cash
?
Dividends
800
Equipment
59,490
Common Stock
40,130
Maintenance and Repairs Expense
3,858
Salaries and Wages Expense
8,628
Insurance Expense
800
Salaries and Wages Payable
1,000
Notes Payable (due 2020)
29,650
Retained Earnings (July 1, 2017)
7,000
Prepare a trial balance.
Question 6 The accounts in the ledger of Rapid Delivery Service contain the following balances on...
Question 6 The accounts in the ledger of Rapid Delivery Service contain the following balances on July 31, 2017. Accounts Receivable Accounts Payable $14,900 9,900 Prepaid Insurance Service Revenue Dividends Common Stock $ 3,500 17,400 860 40,200 Cash Equipment Maintenance and Repairs Expense Insurance Expense 59,560 3,858 Salaries and Wages Expense 8,628 740 940 Salaries and Wages Payable Retained Earnings (July 1, 2017) Notes Payable (due 2020) 29,650 6,500 Prepare a trial balance. RAPID DELIVERY SERVICE Trial Balance Debit Credit...
Question 6 The accounts in the ledger of Rapid Delivery Service contain the following balances on...
Question 6 The accounts in the ledger of Rapid Delivery Service contain the following balances on July 31, 2017. Accounts Receivable Accounts Payable Cash Equipment Maintenance and Repairs Expense Insurance Expense Notes Payable (due 2020) $14,400 9,400 ? 59,460 2,958 800 29.450 Prepaid Insurance Service Revenue Dividends Common Stock Salaries and Wages Expense Salaries and Wages Payable Retained Earnings (July 1, 2017) $ 3,200 16,500 800 40,100 8,428 920 6,200 Prepare a trial balance. RAPID DELIVERY SERVICE Trial Balance Debit...
Exercise 2-16 The accounts in the ledger of Time Is Money Delivery Service contain the following...
Exercise 2-16 The accounts in the ledger of Time Is Money Delivery Service contain the following balances on July 31, 2019. $10,642 Accounts Receivable Prepaid Insurance $1,968 Accounts Payable Maintenance and Repairs Expense 8,396 961 Cash 10,610 Service Revenue Dividends Equipment 49,360 700 Gasoline Expense Common Stock 758 40,000 Utilities Expense 523 Salaries and Wages Expense 4,428 Notes Payable Salaries and Wages Payable 26,450 815 Retained Earnings 4,636 Prepare a trial balance and fill in the missing amount for Cash....
The accounts in the ledger of Steve's Delivery Service contain the following balances on July 31, 2017, Accounts Receivable$11,400 Prepaid Insurance $ 2,300 Accounts Payable 7,400 Maintenance/Repairs Expense 1,400 25,500 800 Cash 17,940 Service Revenue Equipment 59,360 Supplies expense 900 Supplies Gasoline Expense Insurance Expense600 Salaries and Wages Expense 6,400 Notes Payable, due 3,800 31,450 Salaries and Wages Payable 900 12/31/18 Unearned revenue 8,650 Steve Smith, Capital 7/1/17 31,000 Instructions Prepare an income statement, a statement of owner's equity, and...
The accounts in the ledger of Rapid Delivery Service contain the following balances on July 31, 2017. Accounts Receivable Accounts Payable Cash Equipment Maintenance and Repairs Expense Insurance Expense $14,800 9,800 ? 59,470 3,358 700 30 450 $ 3,500 16,900 900 40,110 Prepaid Insurance Service Revenue Dividends Common Stock Salaries and Wages Expense Salaries and Wages Payable Retained Earnings (July 1, 2017) 9,428 950 6,500 Notes Payable (due 2020) Prepare a trial balance. RAPID DELIVERY SERVICE Trial Balance Debit Credit...
CALCULATOR STANDARD VIEW PRINTER VERSION Exercise 2-16 The accounts in the ledger of Lily Delivery Service contain the following balances on July 31, 2020, Accounts Recevable Accounts Payable Cash Equipment Gasoline Expense Utilities Expense Notes Payable $7,500 Prepaid Insurance 8,900 Maintenance and Repairs Expense 7 Service Revenue 50,000 Owner's Drawings 700 Owner's Capital 500 Salaries and Wages Expense 16,000 Salaries and Wages Payable $1,800 500 10,000 900 41,000 4,900 700 Prepare a trial balance and fill in the missing amount...
The accounts in the ledger of Rapid Delivery Service contain the following balances on July 31, 2017. Accounts Receivable $14,400 Prepaid Insurance $ 4,200 Accounts Payable 9,400 Service Revenue 16,900 Cash ? Dividends 850 Equipment 59,460 Common Stock Maintenance and Repairs 3,358 Salaries and Wages Expense Expense Insurance Expense 750 Salaries and Wages Payable 1,020 29,450 Retained Earnings (July 1, Notes Payable (due 2020) 7,200 40,100 8,428 29,450 2017) Prepare a trial balance RAPID DELIVERY SERVICE Trial Balance Debit Credit
The accounts in the ledger of Dependable Delivery Service
contain the following balances on July 31, 2017.
Accounts Receivable
$11,400
Prepaid Insurance
$1,800
Accounts Payable
7,400
Maintenance and Repairs Expense
1,200
Cash
15,940
Service Revenue
15,500
Equipment
59,360
Dividends
800
Gasoline Expense
950
Common Stock
40,000
Insurance Expense
600
Salaries and Wages Expense
8,400
Notes Payable, due 2020
31,450
Salaries and Wages Payable
900
Retained Earnings (July 1, 2017)
5,200
(a)
Prepare an income statement for July 2017.
The accounts in the ledger of Rapid Delivery Service contain
the following balances on July 31, 2017.
Accounts Receivable
$14,900
Prepaid Insurance
$ 3,500
Accounts Payable
9,900
Service Revenue
17,400
Cash
?
Dividends
860
Equipment
59,560
Common Stock
40,200
Maintenance and Repairs Expense
3,858
Salaries and Wages Expense
8,628
Insurance Expense
740
Salaries and Wages Payable
940
Notes Payable (due 2020)
29,650
Retained Earnings (July 1, 2017)
6,500
Prepare a trial balance.
The accounts in the ledger of Rapid Delivery Service contain
the following balances on July 31, 2017.
Accounts Receivable
$14,400
Prepaid Insurance
$ 4,000
Accounts Payable
9,400
Service Revenue
17,400
Cash
?
Dividends
800
Equipment
59,490
Common Stock
40,130
Maintenance and Repairs Expense
3,858
Salaries and Wages Expense
8,628
Insurance Expense
800
Salaries and Wages Payable
1,000
Notes Payable (due 2020)
29,650
Retained Earnings (July 1, 2017)
7,000
Prepare a trial balance.
Question 6 The accounts in the ledger of Rapid Delivery Service contain the following balances on July 31, 2017. Accounts Receivable Accounts Payable $14,900 9,900 Prepaid Insurance Service Revenue Dividends Common Stock $ 3,500 17,400 860 40,200 Cash Equipment Maintenance and Repairs Expense Insurance Expense 59,560 3,858 Salaries and Wages Expense 8,628 740 940 Salaries and Wages Payable Retained Earnings (July 1, 2017) Notes Payable (due 2020) 29,650 6,500 Prepare a trial balance. RAPID DELIVERY SERVICE Trial Balance Debit Credit...
Question 6 The accounts in the ledger of Rapid Delivery Service contain the following balances on July 31, 2017. Accounts Receivable Accounts Payable Cash Equipment Maintenance and Repairs Expense Insurance Expense Notes Payable (due 2020) $14,400 9,400 ? 59,460 2,958 800 29.450 Prepaid Insurance Service Revenue Dividends Common Stock Salaries and Wages Expense Salaries and Wages Payable Retained Earnings (July 1, 2017) $ 3,200 16,500 800 40,100 8,428 920 6,200 Prepare a trial balance. RAPID DELIVERY SERVICE Trial Balance Debit...
Exercise 2-16 The accounts in the ledger of Time Is Money Delivery Service contain the following balances on July 31, 2019. $10,642 Accounts Receivable Prepaid Insurance $1,968 Accounts Payable Maintenance and Repairs Expense 8,396 961 Cash 10,610 Service Revenue Dividends Equipment 49,360 700 Gasoline Expense Common Stock 758 40,000 Utilities Expense 523 Salaries and Wages Expense 4,428 Notes Payable Salaries and Wages Payable 26,450 815 Retained Earnings 4,636 Prepare a trial balance and fill in the missing amount for Cash....
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