The following balances are extracted from the books of Vander Company at the end of December...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following balances are extracted from the books of Vander Company at the end of December 31, 2020: Accumulated depreciation - equipment Accounts payable Salary payable Share capital Retained earnings Unearned service revenue Depreciation expense - equipment Salary expense Rental expense Supplies expense Service revenue Cash Accounts receivable Supplies Prepaid rent Equipment Dividends S 18,500 31,580 10,500 70,000 49,500 25,800 3,800 74,100 180,000 2,450 289,000 11,050 125,780 3,500 30,000 46,200 18,000 Required: (a) Prepare the Income Statement of Vander Company for the year ended December 31, 2020. (7 marks) (b) Prepare the Statement of Retained Earnings of Vander Company for the year ended December 31, 2020. (5 marks) (c) Prepare the Statement of Financial Position of Vander Company as at December 31, 2020. (16 marks) The following balances are extracted from the books of Vander Company at the end of December 31, 2020: Accumulated depreciation - equipment Accounts payable Salary payable Share capital Retained earnings Unearned service revenue Depreciation expense - equipment Salary expense Rental expense Supplies expense Service revenue Cash Accounts receivable Supplies Prepaid rent Equipment Dividends S 18,500 31,580 10,500 70,000 49,500 25,800 3,800 74,100 180,000 2,450 289,000 11,050 125,780 3,500 30,000 46,200 18,000 Required: (a) Prepare the Income Statement of Vander Company for the year ended December 31, 2020. (7 marks) (b) Prepare the Statement of Retained Earnings of Vander Company for the year ended December 31, 2020. (5 marks) (c) Prepare the Statement of Financial Position of Vander Company as at December 31, 2020. (16 marks)
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
10. The probability that automobile sales will increase next month (A) is estimated to be 0.40. The probability that the sale of replacement parts will increase (R) is estimated to be 0.50. The...
-
The completed worksheet for CJs Accounting Services for the month ended December 31, 2016, appears on shown below. CJs Accounting Services Worksheet Month Ended December 31, 2016 INSTRUCTIONS 1....
-
A partially completed worksheet for Home Auto Detailing Service, a firm that details cars and vans, follows on page 178. INSTRUCTIONS 1. Record balances as of December 31 in the ledger accounts. 2....
-
At one time the Thames River in England supported an abundant community of fish. Pollution then destroyed all the fish in a 40-mile stretch near its mouth for a 45-year period beginning in 1915....
-
A tugboat tows a ship with a constant force F 1 . The increase in the ship's speed in a 10-s interval is 4 km/h. When a second tugboat applies a second constant force F 2 in the same direction, the...
-
What kind of function do you think Ramen is serving? What kind of money is Ramen? Beside of Ramen, what else do you think that can be used as money in your daily life? Have you ever traded anything...
-
A major responsibility of internal auditing is to: a. Install sound accounting, financial, and operating controls at reasonable cost. b. Determine the extent of compliance with established policies,...
-
Olbrot Corporation's income statement for the year ended June 30, 2012, and its comparative balance sheets for June 30, 2012 and 2011 appear below and on the following page. Olbrot Corporation Income...
-
Two infinity vertical wires run by equal and opposite currents I, are separated by a distance of 3a. In a plane perpendicular to the one formed by wires, there is a rectangular circuit with base a,...
-
In 2016 the Harris poll estimated that 3.3% of American adults are vegetarian. A nutritionist thinks this rate has increased. The nutritionist samples 150 American adults and finds that 11 are...
-
Suppose x has a distribution with = 14 and a = 12. LUSE SALT (a) If a random sample of size n-37 is drawn, find , a and P(14 sxs 16). (Round o; to two decimal places and the probability to four...
-
Starshine Operating Assumptions $42.90 BV $36.00 IB $62.50 Stock Price $42.90 WACC $46.78 APV $45.35 Operating Assumptions for Starshine Copy to Clipboard 0.0 Increase in Domestic Revenues ($M) 0.0...
-
Month Zemin Corp. Market 1 8 % 5 % 2 5 4 3 0 2 4 4 1 5 6 4 6 3 3 (CAPM and expected returns) a. Given the following holding-period returns, LOADING... , compute the average returns and the standard...
-
17. (10 points) Bob loans $10,000 to Jim at a nominal annual rate of 8%, convertible monthly. You are given the following information: 1. Jim makes payments at the beginning of each month, starting...
-
Q TR TC MR MC 0 0 3 - - 1 6 5 6 2 2 12 8 3 18 12 4 24 17 5 30 23 6 36 30 7 42 38 8 48 47 TO CALCULATE MAXIMAZING LEVEL OF OUTPUT AND THEN SKETCH A GRAPH TO REPRESENT MR AND MC DATA
-
Buying a House Project Introduction It is a very big decision to become a first-time homeowner. There are many things that need to be considered. Three important factors are the price of a home,...
-
You are excited to begin as a tax professional in your community and have lots of potential clients. In setting up your office, you decide on an LLC structure; as part of this you have to register a...
-
Test your confidence in the following Project Decisions: SI. # Question 01 02 03 04 05 06 07 08 09 10 How many years did it take to construct the largest Egyptian Pyramid- Pyramid of Cheops? When was...
-
You, a CGA, are the audit partner on the audit of Favour Care Homes, a not-for-profit organization that helps seniors remain in their own homes. Favour has been an audit client of your firm for a...
-
Lachlan Corp. establishes Serouya Ltd. for the sole purpose of developing a new product to be manufactured and marketed by Lachlan. Lachlan engages Mr. Jiang to lead the team to develop the new...
-
Sando Ltd. made the following sales in euros during 2013 and collected the amounts owed based on the following schedule: Required (a) Prepare the journal entries to be made during the month of...
-
Sketch a hypothetical scatterplot for a sample of size 10 for two random variables with a population correlation of (a) 1.0; (b) -1.0 ; (c) 0.9; (d) -0.5 ; (e) 0.0.
-
Using the data in Exercise 3.3: a. Construct a \(95 \%\) confidence interval for \(p\). b. Construct a \(99 \%\) confidence interval for \(p\). c. Why is the interval in (b) wider than the interval...
-
Explain why the differences-of-means estimator, applied to data from a randomized controlled experiment, is an estimator of the treatment effect.
Study smarter with the SolutionInn App