1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
NikAS [45]
3 years ago
13

Romney's Marketing Company has the following adjusted trial balance at the end of the current year. No dividends were declared.

However, 500 shares ($0.10 par value per share) issued at the end of the year for $3,000 are included below: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Debit Credit
Cash $ 1,570
Accounts receivable 2,220
Interest receivable 270
Prepaid insurance 1,710
Notes receivable (long-term) 2,880
Equipment 15,500
Accumulated depreciation $ 2,970
Accounts payable 2,230
Accrued expenses payable 3,740
Income taxes payable 2,650
Unearned rent revenue 330
Common Stock (820 shares) 82
Additional paid-in capital 3,508
Retained earnings 5,080
Sales revenue 37,250
Interest revenue 160
Rent revenue 560
Wages expense 19,000
Depreciation expense 1,750
Utilities expense 320
Insurance expense 780
Rent expense 9,800
Income tax expense 2,760
Total $ 58,560 $ 58,560
Prepare a multi-step income statement in good form for the current year. Include earnings per share.
Business
1 answer:
DerKrebs [107]3 years ago
4 0

Answer:

Net income = $3,560

Explanation:

                                       Romney's Marketing Company

                                        Multi-step income statement

                               For the Year ended December 31 20YY

Sales revenues 37,250

Less: Cost of goods sold = 0

Gross profit                                                          = 37,250

Less: Operating expense:

Wages expense                                 = $19,000

Depreciation expense                       = $1,750

Utilities expense                                = $320

Insurance expense                            = $780

Rent expense                                     = $9,800

Total operating expense                   = ($31,650)

Add: operating income:

Rent revenue                                      =  $560

Total operating income                                         = $6,160

Other operating income

Interest revenue                                                    = 160

Net income before taxes                                      = $6,320

Income tax expense                                              = $2,760

Net income                                                             = $3,560

You might be interested in
Compare the company profit performance and financial position with the average for the industry
Lady bird [3.3K]

Answer:

what average for the industry

Explanation:

can i have a choise

6 0
2 years ago
Sold merchandise on credit to Rondo Distributors, for $1,200, terms n/30. The cost of the merchandise was $720. 8 Purchased merc
Iteru [2.4K]

Answer:

See the explanation.

Explanation:

Account receivable Rondo Distributors debit        $1,200

Sales revenue                                          credit                 $1,200

Note: To record the merchandise sales on account. As the company used the periodic inventory system, we do not need to give the cost of goods sold journals.

Purchase debit                     10,000

Accounts payable credit               10,000

Note: To record the purchase on account.

Delivery expense  debit        $525

Cash                       credit              $525

Note: To record the payment of the delivery expense.

8 0
3 years ago
Cavy Company accumulated 580 hours of direct labor on Job 456 and 850 hours on Job 777. The direct labor was incurred at a rate
JulsSmile [24]

Answer:

$30,800

Explanation:

Dr Work in progress 30,800

Cr Wages payable 30,800

Direct labour hours × Per direct labour hour

Job 456

580×15 = 8700

Job 777

850×26= 22100

22,100 + 8,700 = 30,800

7 0
2 years ago
These are selected 2022 transactions for Pronghorn Corporation:
Nataly [62]

Answer:

December 31, 2022, amortization expense of copyright

Dr Amortization expense 19,500

    Cr Copyright 19,500

December 31, 2022, amortization expense of patent

Dr Amortization expense 10,000

    Cr Patent 10,000

No journal entry required for the Goodwill since its useful life is indefinite

5 0
2 years ago
You conducted a study on the efficacy of seatbelt use against the incidence of a skeletal fracture among persons involved in an
bezimeni [28]
The study design used in this scenario is an Epidemiological study design/ Epidemiologic study design. This type of study compares 2 groups whose characteristics are the same except for one factor. This type of study is usually used in the medical field. The purpose of a study design such as this is to determine if a factor is associated with health defects or injury.
6 0
3 years ago
Other questions:
  • Miller is the owner of a restaurant that has several franchises. One of the franchisees owes Miller a sum of $18,000 for the goo
    9·1 answer
  • 6. Calculating a country's population growth rate takes into account all of the
    6·2 answers
  • Ben Palman owns an art gallery. He accepts paintings and sculpture on consignment and then receives 20% of the price of each pie
    10·1 answer
  • James, age 35, did not have minimum essential coverage for any part of 2018. If James is single and has 2018 adjusted gross inco
    10·1 answer
  • The SBA provides information for which group of people?
    11·1 answer
  • If yal bold drop ya body count
    14·2 answers
  • Consider the following story: When Joe didn't have renter's insurance, he was very careful not to leave candles lit in his apart
    15·1 answer
  • A manufacturing company that has only one product has established the following standards for its variable manufacturing overhea
    9·1 answer
  • DASHER spent half as much as prancer did on holiday presents this year and cupid spent 3 times more than DASHER . If the total s
    14·1 answer
  • Suppose that a bank's actual reserves are $5 million, its checkable deposits are $5 million, and its excess reserves are $3 mill
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!