On December 31, 2022 Pack-and-Deliver Company completed its first year of operations. The following information has...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On December 31, 2022 Pack-and-Deliver Company completed its first year of operations. The following information has been provided for the year: a. Sold packing supplies for $30,400 and provided $281,000 of delivery services. b. All packing supplies sales were for cash. c. Collected $212,400 of delivery service revenue. d. Paid $15,400 cash to rent packing equipment, with $10,400 for rental in 2022 and the remaining amount for rental in 2023. e. Spent $4,400 cash to repair delivery equipment during the year. f. Bought packing supplies at a total cost of $46,400 and paid for $25,400 of these supplies. There were $20,400 of these supplies that have not yet been sold or used. g. Paid employees $80,400 during the year. h. Paid $16,400 for advertising for the year. i. Used $14,400 in fuel for the delivery equipment. j. Sold investments for $8,400 that had been purchased earlier in the year for $7,400. k. Ordered $500 in spare parts and supplies. 1. Income tax expense for the year is $18,400. Required: Prepare an income statement for Pack-and-Deliver Company for the year ended December 31, 2022. On December 31, 2022 Pack-and-Deliver Company completed its first year of operations. The following information has been provided for the year: a. Sold packing supplies for $30,400 and provided $281,000 of delivery services. b. All packing supplies sales were for cash. c. Collected $212,400 of delivery service revenue. d. Paid $15,400 cash to rent packing equipment, with $10,400 for rental in 2022 and the remaining amount for rental in 2023. e. Spent $4,400 cash to repair delivery equipment during the year. f. Bought packing supplies at a total cost of $46,400 and paid for $25,400 of these supplies. There were $20,400 of these supplies that have not yet been sold or used. g. Paid employees $80,400 during the year. h. Paid $16,400 for advertising for the year. i. Used $14,400 in fuel for the delivery equipment. j. Sold investments for $8,400 that had been purchased earlier in the year for $7,400. k. Ordered $500 in spare parts and supplies. 1. Income tax expense for the year is $18,400. Required: Prepare an income statement for Pack-and-Deliver Company for the year ended December 31, 2022.
Expert Answer:
Answer rating: 100% (QA)
Based on the information provided the income statement for PackandDeliver Company for the year ended ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1259222139
9th edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
Posted Date:
Students also viewed these accounting questions
-
This assignment requires you to complete the 2022 tax reporting for a fictional woman named Anna Smith. Question 1 T1 - step 4 - line 66 This is Anna's taxable income Answer: Question 2 T1 - step...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
The price of a stock is $55. A put option written on this stock with a strike price of $48.8 is quoted at $7.2. One option contracts covers 100 underlying shares. A trader enters a short position in...
-
Determine the change in the internal energy of air, in kJ/kg, as it undergoes a change of state from 100 kPa 20oC to 600 kPa and 300oC using the equation of state P(v - a) = RT where a = 1 m3/kg, and...
-
Kesler Co. deposits all receipts intact on the day received and makes all payments by cheque. On July 31, 2023, after all posting was completed, its Cash account showed a $10,932 debit balance....
-
For the HiTech bond of Example 17.4, suppose that default is recognized only at maturity and that no restitution is made, that is, the default is ignored. What is the value of that bond? - Example...
-
Plain Ltd. acquired 80% of the voting shares of Stylish Ltd. on January 1, 20X3, for $1,200,000. The financial statement of Stylish Ltd. on the date of acquisition was as follows: The inventory will...
-
3. (3 pts) Use Python to write a function that takes a single input, a list of numbers. The function should loop through the list and, on each iteration, print the number if it is the largest number...
-
1. make three liberal documents designed to protect human rights 2. List and explain the impact of two factors that contributed to the Great Depression 3.List and explain 3 characteristics of a...
-
Jane, a single individual, died in 2024 with a net taxable estate of $16,000,000. She used half of her unified credit to make taxable gifts during her lifetime. What is her estate tax liability?
-
Vikings Company pays Jim Reap gross earnings for the current two-week period of $4,500. Federal withholdings were withheld in the amount of $825.50 along with FICA (6% for Social Security and 1.5%...
-
ICS buys equipment for $500,000. ICS estimates no residual value for the machine. ICS pays $250,000 as a down payment and borrows the other $250,000. They pay $10,000 of interest on that loan in the...
-
In the current year, Maria paid the following taxes: Special assessment to provide local benefits $2,500 County real estate taxes paid on her vacation home 1,250 Sales taxes paid when she purchased a...
-
List the job factors on which the personnel reliability index is based. Describe the nanomachine systems analysis (MMSA) method. What are the seven basic elements of the error-cause removal program...
-
Write a paper on two businesses that have expanded to your selected country in Latin America. Please select one business that was successful and one that was unsuccessful. Explain the differences...
-
Give the products of the following reaction, where T is tritium: dioldehydrase Ad- CH CH3C-COH CoIII) coenzyme B12
-
Following up on question number 3, assume the school conducts a manifestation determination meeting. Tim attends the meeting with his parents. At the meeting, Tim tells the team that smoking helps...
-
Which is an advantage to an employee who participates in a profit-sharing plan? A. Employee does not have to make investment decisions. B. Graded vesting schedule. C. Older employees receive the...
-
Which of the following is not a characteristic of a defined benefit plan? A. A guaranteed retirement benefit. B. Risk of preretirement inflation assumed by employer. C. Benefits based upon the...
Study smarter with the SolutionInn App