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Veseljchak [2.6K]
3 years ago
13

Skysong Inc., a provider of consulting services, was founded on October 1, 2022. At the end of the first month of operations, th

e company decided to prepare an income statement, retained earnings statement, and balance sheet using the following information. Accounts payable $ 3,700 Supplies $ 2,650 Interest expense 350 Supplies expense 360 Equipment (net) 48,000 Depreciation expense 260 Salaries and wages expense 2,800 Service revenue 19,540 Bonds payable 21,800 Salaries and wages payable 590 Unearned service revenue 4,190 Common stock 9,900 Accounts receivable 1,450 Interest payable 150 Cash 4,000 Using the information, answer the following questions.
Required:
a. Prepare an income statement for the month of October 2022.
b. Prepare a retained earnings statement for the month of October 2022.
c. Prepare a balance sheet as of October 31, 2022.
Business
1 answer:
qwelly [4]3 years ago
3 0

Answer:

a. Income Statement for the month of October 2022

<u>Revenue:</u>

Service revenue                               $19,540

<u>Expenses:</u>

Salaries and Wages         $2,800

Supplies Expenses           $360

Depreciation Expenses    $260

Interest Expenses             <u>$350   </u>

Total Expenses                                  <u>$3,770</u>

Net Income                                        <u>$15,770</u>

<u />

b. Retained earnings statement for the month of October 2022

Retained Earnings, October 1, 2020      $0

Add: Net Income                                      <u>$15,770 </u>

Retained Earnings, October 31, 2020  <u>$15,770</u>

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Answer:

$12714.98

Explanation:

Data provided in the question:

Initial amount invested = $1,500

Simple interest rate = 6.5%

Duration for simple interest = 48 months = 4 years

Now,

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= $1,500 × 0.065 × 4

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Therefore,

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= $1890

Now

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thus,

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here, r = 21% = 0.21

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3 years ago
What is the main goal of career and technical student organizations (CTSOs)? How do they help students achieve their goals?
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Answer:

This is a two part question and therefore has been answered in two separate headings below.

Explanation:

<u>Main Goal of CTSOs</u>

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This means that their work forms as an essential part of the classroom syllabus and guide, which in return helps to build student's career skills and  views through taking part in these sessions and applying them in real life scenarios and/or work experience through Career program.

<u>Help Students to Achieve their Goals</u>

Career and technical student organizations (CTSOs) helps students achieve their goals by providing them a career path, study program and opportunities in order to gain the knowledge, skills and abilities that are needed to be successful in their career by way of CTSOs programs, events and activities.

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Answer:

The answer is true.

Explanation:

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Answer:

human side to computer side

Explanation:

Automation of a process activity consists of moving work from the human side to computer side of the symmetrical five-component framework.

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Answer:

Wagner Enterprises and Stone Services

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