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3 years ago

What would the income statement and balance sheet look like for this problem?

Business

1 answer:

steposvetlana [31]3 years ago

3 0

Answer:

INCOME STATEMENT

For the year ended December 31

Service Revenue $149,200

Property Taxes 8,800

Salaries Expense 126,600

Insurance Expense 7,300

Supplies Expense 6,600 $149,300

Net loss $100

Dividends 3,100

Retained Earnings ($3,200)

BALANCE SHEET

As of December 31

Assets:

Cash $81,900

Supplies 3,200

Accounts Payable 1,900

Total Assets $87,000

Liabilities + Equity:

Accts Receivable 51,800

Deferred Revenue 1,100

Insurance Payable 7,300

Total liabilities 60,200

Common Stock 30,000

Retained Earnings (3,200)

Total liabilities and

stockholders' equity $87,000

Explanation:

a) Data and Calculations:

Cash account

Date Accounts Title Debit Credit

Jan. 9 Service Revenue $137,100

Feb. 12 Accounts receivable 51,800

Apr. 25 Deferred Revenue 13,200

July 15 Property taxes $8,800

Sep. 10 Accounts Payable 11,700

Oct. 31 Salaries Expense 126,600

Nov. 20 Common Stock 30,000

Dec. 30 Dividends 3,100

Dec. 31 Balance $81,900

$232,100 $232,100

Service Revenue

Date Accounts Title Debit Credit

Jan. 9 Cash Account $137,100

Dec. 31 Deferred Revenue 12,100

Dec. 31 Income Statement $149,200

$149,200 $149,200

Accounts Receivable

Date Accounts Title Debit Credit

Feb. 12 Cash Account $51,800

Deferred Revenue

Date Accounts Title Debit Credit

Apr. 25 Cash Account $13,200

Dec. 31 Service Revenue $12,100

Dec. 31 Balance $1,100

$13,200 $1`3,200

Supplies

Date Accounts Title Debit Credit

May 6 Accounts Payable $9,800

Dec. 31 Supplies Expense $6,600

Dec. 31 Balance 3,200

$9,800 $9,800

Accounts Payable

Date Accounts Title Debit Credit

May 6 Supplies $9,800

Sep. 10 Cash Account $11,700

Dec. 31 Balance $1,900

$11,700 $11,700

Property Taxes Expense

Date Accounts Title Debit Credit

July 15 Cash Account $8,800

Salaries Expense

Date Accounts Title Debit Credit

Oct. 31 Cash $126,600

Common Stock

Date Accounts Title Debit Credit

Nov. 20 Cash Account $30,000

Dividends

Date Accounts Title Debit Credit

Dec. 30 Cash Account $3,100

Insurance Expense

Date Accounts Title Debit Credit

Dec. 31 Insurance Payable $7,300

Supplies Expense

Date Accounts Title Debit Credit

Dec. 31 Supplies Account $6,600

Insurance Payable

Date Accounts Title Debit Credit

Dec. 31 Insurance Expense $7,300

Adjusted TRIAL BALANCE

As of December 31

Accounts Title Debit Credit

Cash $81,900

Supplies 3,200

Accounts Payable 1,900

Property Taxes 8,800

Salaries Expense 126,600

Insurance Expense 7,300

Supplies Expense 6,600

Service Revenue $149,200

Accts Receivable 51,800

Deferred Revenue 1,100

Insurance Payable 7,300

Common Stock 30,000

Dividends 3,100

Total $239,400 $239,400

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miv72 [106K]

Answer:

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3 years ago

Which pair of accounts follows the rules of debits and credits in relation to increases and decreases in the opposite manner? ca

stiks02 [169]

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3 years ago

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S_A_V [24]

A product Line is a group of products linked through usage, profile, price points, customer and distribution channels.

The correct fill in the blank to this question is product line.

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You can learn more about product line at

brainly.com/question/14308690

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1 year ago

Amber arrives for her first interview with Overseas Ventures, Inc., fifteen minutes early, wearing a dress blouse and a business

Blababa [14]

Answer:

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Explanation:

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a structured conversation between

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gladu [14]

The answer is;

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