AC1030 Week 4 Assessment Financial Statements Prompt: Prepare the Income statement, Statement of Retained Earnings, and...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
AC1030 Week 4 Assessment Financial Statements Prompt: Prepare the Income statement, Statement of Retained Earnings, and Balance sheet. Each statement will be on a separate sheet so use the tabs below to navigate. Use the information in the Adjusted Trial Balance to fill out the 3 statements. Adjusted Trial Balance 31-Jan Account Cash Prepaid insurance Supplies Equipment Accumulated depreciation Accounts payable Income taxes payable Contributed capital Sales revenue Rent expense Utility expense Total Insurance expense Inventory expense Depreciation expense Income tax expense Salaries expense Debit 70,925 1,987 928 10,487 2,300 195 250 360 250 135 2,800 90,617 Credit 250 7,687 100 75,000 7,580 90,617 Revenues: Expenses: Income Statement For the Month Ending January 31 Total Expenses Net income (loss) 0 Tips! When you click the cell and you see the dropdown icon" it means you have to select the right answer in the lists. AC1030 Week 4 Assessment Financial Statements Prompt: Prepare the Income statement, Statement of Retained Earnings, and Balance sheet. Each statement will be on a separate sheet so use the tabs below to navigate. Use the information in the Adjusted Trial Balance to fill out the 3 statements. Adjusted Trial Balance 31-Jan Account Cash Prepaid insurance Supplies Equipment Accumulated depreciation Accounts payable Income taxes payable Contributed capital Sales revenue Rent expense Utility expense Total Insurance expense Inventory expense Depreciation expense Income tax expense Salaries expense Debit 70,925 1,987 928 10,487 2,300 195 250 360 250 135 2,800 90,617 Credit 250 7,687 100 75,000 7,580 90,617 Revenues: Expenses: Income Statement For the Month Ending January 31 Total Expenses Net income (loss) 0 Tips! When you click the cell and you see the dropdown icon" it means you have to select the right answer in the lists.
Expert Answer:
Answer rating: 100% (QA)
To prepare the Income Statement Statement of Retained Earnings and Balance Sheet we will use the inf... View the full answer
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-1259864230
6th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
Posted Date:
Students also viewed these finance questions
-
Below is an unadjusted trial balance run at year end followed by information needed to make adjusting entries. Baltimore Glass Company Trial Balance December 31, 2015 Adjusting items: 1. The...
-
One Product Corp. (OPC) incorporated at the beginning of last year. The balances on its post-closing trial balance prepared on December 31, at the end of its first year of operations, were: The...
-
(a) Find an equation of the normal line to the ellipse at the point (4, 2). (b) Use a graphing utility to graph the ellipse and the normal line. (c) At what other point does the normal line intersect...
-
Mercury Rising Inc. manufactures thermometers for use in labs. Management has prepared financial statements for the year ended 2013 for review by the auditors. The audit team has questioned several...
-
Appraising the extent of employees right to privacy, when businesses monitor employee communications, police romance in the office, test for drugs or alcohol, or subject employees to honesty tests.
-
For a given data set containing 18 points, the assumptions of the linear model are satisfied. The following values are computed: b1 = 5.58 and sb = 4.42. Perform a test of the hypothesis H0 : 1 = 0...
-
On June 30, 2009, County Company issued 12% bonds with a par value of $800,000 due in 20 years. They were issued at 98 and were callable at 104 at any date after June 30, 2017. Because of lower...
-
1)Why Shareholder equity is consider the liability of the company? 2)Explain the difference between Income Statement and Cash Flow Statement? 3)Why Company do not like to issue Preferred Stock? and...
-
A large roll of paper having a mass of 20 kg and a radius r = 150 mm is resting over the edge of a corner, such that the end of the paper on the roll is attached to the horizontal surface. If the...
-
3. Radix Sort Perform a radix sort of the following list of numbers, using a radix of 10, into ascending order: 329 595 408 15 291 466 7 290 141 53 210 883 107 395 663 Show the bin/bucket sort...
-
Give some examples of combinatorial optimization in the field of chemical engineering.
-
What are advantages of computer applications for optimization?
-
Do you expect to be able to observe the diffraction of light through \((a)\) the front door to your house; \((b)\) the holes in a button; (c) the gaps between threads of the fabric of an umbrella?
-
Does online success as an e-commerce company automatically translate into successful bricks-and-mortar commerce? Discuss and research the strategy behind Amazon's recent decision to open retail...
-
Identify and define each of the three categories of advertising based on their purpose. Which type of advertising might marketers use for the following products? a. cars b. virtual reality headset c....
-
An analyst is interested in calculating the cash price of a bond. He is analyzing a 10,000 USD, five-year bond redeemable at par and bearing interest at 6.5% payable semi-annually. The bond is...
-
Briefly describe the following types of group life insurance plans: a. Group term life insurance b. Group accidental death and dismemberment insurance (AD&D) c. Group universal life insurance d....
-
What is a T-account? What is its purpose?
-
Explain why an error in ending inventory in one period affects the following period.
-
Using the information in E6-11, prepare journal entries to record the transactions, assuming Evergreen Company records discounts using the net method in a perpetual inventory system. Forfeited...
-
Determine the displacement of point \(C\). The beam is made from A992 steel and has a moment of inertia of \(I=53.8 \mathrm{in}^{4}\). 8 kip A B -5 ft- -10 ft 5 ft-
-
Determine the slope at \(B\). The beam is made from A992 steel and has a moment of inertia of \(I=53.8 \mathrm{in}^{4}\). 8 kip A B -5 ft- 10 ft- -5 ft-
-
The beam is made of Douglas fir. Determine the slope at \(C\). 8 kN BO -1.5m 1.5m- -1.5 m- 180 mm H 120 mm
Study smarter with the SolutionInn App