Part 2- Accounting Exercise Using the information provided from the Adjusted Trial Balance in the Excel...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Part 2- Accounting Exercise Using the information provided from the Adjusted Trial Balance in the Excel Assessment template, prepare an Income Statement in good form using the space provided on the Excel Actg Assessment new Spr 21Template.xlxs Attach File Seton and Company prepared the below Adjusted Trial Balance. Seton and Company, Inc. Adjusted Trial Balance December 31, 2020 Account Title Debits Credits Cash $ 1,350 Accounts receivable 460 Prepaid insurance 259 Supplies 26 Land 5,600 Accounts payable Salaries payable 420 180 Unearned service revenue 120 Common stock 5,800 Retained earnings Dividends 200 60 Service revenue 4,000 Salaries expense 2,460 Insurance expense 60 Supplies expense Other operating expense 125 320 Totals $ 10,720 $ 10,720 Using the information from this adjusted trial balance, prepare an Income Statement in good form, in the space provided below. Seton and Company, Inc. Income Statement For year ended December 31, 2020 Part 2- Accounting Exercise Using the information provided from the Adjusted Trial Balance in the Excel Assessment template, prepare an Income Statement in good form using the space provided on the Excel Actg Assessment new Spr 21Template.xlxs Attach File Seton and Company prepared the below Adjusted Trial Balance. Seton and Company, Inc. Adjusted Trial Balance December 31, 2020 Account Title Debits Credits Cash $ 1,350 Accounts receivable 460 Prepaid insurance 259 Supplies 26 Land 5,600 Accounts payable Salaries payable 420 180 Unearned service revenue 120 Common stock 5,800 Retained earnings Dividends 200 60 Service revenue 4,000 Salaries expense 2,460 Insurance expense 60 Supplies expense Other operating expense 125 320 Totals $ 10,720 $ 10,720 Using the information from this adjusted trial balance, prepare an Income Statement in good form, in the space provided below. Seton and Company, Inc. Income Statement For year ended December 31, 2020
Expert Answer:
Answer rating: 100% (QA)
Poepare tucoume Rare Iucoune statement Selon Company he Incomo ... View the full answer
Related Book For
Fundamental Accounting Principles Volume 1
ISBN: 9781259259807
15th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
Posted Date:
Students also viewed these accounting questions
-
Using the trial balance provided above, prepare an income statement and statement of changes in equity for the first month ended May 31, 2014, and a balance sheet at May 31, 2014. Analysis Component:...
-
Using the trial balance provided above, prepare an income statement and a statement of changes in equity for the first three months ended July 31, 2014, and a balance sheet at July 31, 2014. Analysis...
-
Using the information from Problem 4A, prepare an income statement and a statement of changes in equity for the year ended December 31, 2014, and a classified balance sheet at December 31, 2014....
-
A car costs 12,000. It will be kept for three years, and then sold for 3,000. Calculate the depreciation for each year using (a) the reducing balance method, using a depreciation rate of 35 per cent,...
-
The following is a list of 12 control plans from this chapter or from Chapters 8 and 9. Control Plans A. Enter customer order close to where customer order is prepared B. Turnaround document C....
-
4. Given the function below, find the following. For credit you must show complete and correct to support your answers. (10 points; 2 points each) f(x, y) = xy + ex-2 a. fx (2,1) b. fy(2,1) c....
-
Using the SLR method, calculate the auxiliary energy required in March for a \(2000 \mathrm{ft}^{2}\), NLC 12,000 Btu/F-day house in Boston with a \(150 \mathrm{ft}^{2}\), night-insulated...
-
Thomas Furniture Company concludes that production scheduling can be improved by developing an accurate method of predicting quarterly sales. The company analyst, Mr. Estes, decides to investigate...
-
The program in Figure 1 was written to find how many upper letters, numerals, operators, and total characters are in the text array. However, the program contains syntax and logic errors. a) Identify...
-
Suppose that you are a retailer, and you would like to design your own Supply Chain to launch a new products in a competitive environment. You will procure such a product from a wholesaler who will...
-
Evaluate the integral below, where H is the solid hemisphere x + y + z 9, z 0. (2-2-2) dV: = 4. [-/0.33 Points] DETAILS Use spherical coordinates. Evaluate SSE MY NOTES PRACTICE ANC xyz dv, where E...
-
Identify and briefly discuss nine major factors that complicate financial management in multinational firms.
-
What is purchase accounting for mergers?
-
Name some factors that are generally beyond the firms control but still affect its cost of capital.
-
What is goodwill? What impact does goodwill have on the firms balance sheet? On its income statement?
-
Describe a procedure firms can use to establish costs of capital for projects with differing degrees of risk.
-
What is the most accurate answer from the choices below? Multiple Choice Conflicting statutes or common law within their domain defeat relevant Constitutions. State constitutions defeat the U . S ....
-
Use integration by parts to evaluate the following. Check your answer by taking the derivative. x2e-xdx
-
Sunshine Sushi, a Japanese restaurant, has the following adjusted trial balance with accounts listed in alphabetical order. Using the template provided, prepare a classified balance sheet for the...
-
Sue Santos is a new entry-level accountant for a snowboard manufacturer. At the end of the fiscal period, Santos is advised by a supervisor to include as revenue for the period any orders that have...
-
Rise and Shine Ice Cream prepares annual financial statements and has a December 31 year-end. As of March 1, 2017, Rise and Shine Ice Cream took out a bank loan for $12,000 with an interest rate of...
-
The following data relate to the manufacturing activities of MilTech company during November: 1. Sales $400,000 2. Purchases $60,700 3. Expenses include: Light and power for manufacturing: $2,700 ...
-
Continuing problem 6, CardioMeds cost accountants have identified cost totals for the periods production support activities and other overhead. The table below provides this information, along with...
-
Which are the main cost types in inventory valuation for manufacturing companies? What are the criteria for their classification?
Study smarter with the SolutionInn App