The following items were taken from the accounting records of Talcom, Incorporated. The income statement account...
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The following items were taken from the accounting records of Talcom, Incorporated. The income statement account balances are for the year ending December 31, 2009. The balance sheet account balances are the balances at December 31, 2009 except for the retained earnings balance which is the balance at 1/1/2009: Accounts Payable Land Cash Rent Expense $ 52,000 121,000 108,000 20,000 Insurance Expense 5,000 Retained Earnings (beg) 52,300 Service Revenue 121,000 Accumulated Depreciation 20,000 1,500 100,000 Salaries Payable Building Accounts Receivable Advertising Expense Common Stock Dividends Notes Payable (long-term) Salaries Expense Inventory Supplies Expense Additional Paid In Capital Income tax rate 40% $ 7,000 11,000 15,000 1,000 62,000 22,000 3,000 1,000 100,000 Instructions: Prepare an income statement, statement of retained earnings, and a classified balance sheet for Talcom Incorporated for the year 2009. The following items were taken from the accounting records of Talcom, Incorporated. The income statement account balances are for the year ending December 31, 2009. The balance sheet account balances are the balances at December 31, 2009 except for the retained earnings balance which is the balance at 1/1/2009: Accounts Payable Land Cash Rent Expense $ 52,000 121,000 108,000 20,000 Insurance Expense 5,000 Retained Earnings (beg) 52,300 Service Revenue 121,000 Accumulated Depreciation 20,000 1,500 100,000 Salaries Payable Building Accounts Receivable Advertising Expense Common Stock Dividends Notes Payable (long-term) Salaries Expense Inventory Supplies Expense Additional Paid In Capital Income tax rate 40% $ 7,000 11,000 15,000 1,000 62,000 22,000 3,000 1,000 100,000 Instructions: Prepare an income statement, statement of retained earnings, and a classified balance sheet for Talcom Incorporated for the year 2009.
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a Talcom Incorporated Inc ome Statem ent For the Year Ended Decem ber 31 200 9 Rev enue Ser vice Reven ue 12 1000 Exp enses Adv ertising E xpense 11 000 Ren t Expense 20000 Ins urance Exp ense 5 000 S... View the full answer
Related Book For
Accounting for Governmental and Nonprofit Entities
ISBN: ?978-0073379609
15th Edition
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus
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