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Sophie [7]
3 years ago
12

Jiminez, Inc., had the following transactions during the month of March, current year. Prepare an income statement based on this

information, being careful to include only those items that should appear in that financial statement.
Business
1 answer:
Citrus2011 [14]3 years ago
3 0

Question Completion:

Cash received from bank loans was $10,000.

Revenues earned and received in cash were $9,000.

Dividends of $4,000 were paid to stockholders.

Expenses incurred and paid were $5,600.

Answer:

Jiminez, Inc.

Income Statement for the month ended March 31:

Revenue                                          $9,000

Expenses                                           5,600

Net income                                      $3,400

Dividends                                          4,000

Retained earnings during the year ($600)

Explanation:

Jiminez, Inc. paid more dividends to stockholders this month than it actually generated in net income.  The excess amount of dividends must be from retained earnings carried forward from the previous month.  In preparing the income statement for the month of March, Jiminez, Inc. must deduct all the expenses from its revenue to obtain the net income before tax.  The bank loan does not form part of the items for the preparation of the income statement, as only temporary accounts are considered.

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Answer:

B Deliberate

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2 years ago
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nydimaria [60]

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None of the options seem to be correct.

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The first option is wrong as stakeholders are incidental to the change process. They're always ever present in the change process.

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3 years ago
May 3 Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $9 cash per uni
Airida [17]

Answer:

Explanation:

May 3

Dr merchandise inventory 27,000

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May 5

Dr Accounts receivable 19,500

    Cr Sales 19,500

May 5

Dr COGS 13,500

     Cr Merchandise inventory 13,500

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