The financial statements at the end of Paradise Realtys first month of operations are shown below. Instructions
Question:
The financial statements at the end of Paradise Realty’s first month of operations are shown below.
Instructions
1. Would you classify a realty business such as Hamel Realty as a manufacturing, merchandising, or service business?
2. By analyzing the interrelationships among the financial statements, determine the proper amounts for (a) through (o).
Transcribed Image Text:
PARADISE REALTY Income Statement For the Month Ended November 30, 20Y3 Fees earned ... $149,300 Operating expenses: Wages expense.. Rent expense.. Supplies expense Utilities expense... Miscellaneous expense Total operating expenses $ (a) 14,400 12,000 8,100 4,950 (69,300) Net income $ (b) PARADISE REALTY Statement of Stockholders' Equity For the Month Ended November 30, 20Y3 Common Retained Stock $ 0 Total Earnings $ 0 Balances, Nov. 1, 20Y3 .... $ 0 Issuance of common stock. 270,000 270,000 (C) (d) (c) (d) Net income Dividends.. Balances, Nov. 30, 20Y3. $270,000 $(e) $314,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (10 reviews)
1 Realty businesses such as Paradise Realty are service businesses that aid their clients in buying ...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Appointing an auditor in Limited Liability Company becomes obligatory upon a request of: * A partner or more representing 1/3 of the capital A partner or more representing 1/4 of the capital A...
-
The financial statements at the end of Sciatic Realty, Inc.s first month of operation are shown below. By analyzing the interrelationships between the financial statements, fill in the proper amounts...
-
The financial statements at the end of Flagstone Consulting, Inc.s first month of operation are shown below. By analyzing the interrelationships between the financial statements, fill in the proper...
-
A mortgage loan officer uses math on a continual basis during the mortgage lending process. When a prospective borrower applies for a loan, many calculations are made: debt-to-income- ratio,...
-
Kalani has these monthly liabilities: rent $879, car payment $315, credit card payment $102. She has an annual income of $96,448. What is her debt-to-income ratio, expressed as a percent?
-
Prepare a horizontal, vertical, and ratio analysis for Nathan Corporation. Start your spreadsheet software and load the spreadsheet template file IA8 Spreadsheet 09-C.xlsx. Use formulas to compute...
-
A chemical engineer found that by adding different amounts of an additive to gasoline, she could reduce the amount of nitrous oxides (NOx) coming from an automobile engine. A specified amount was...
-
Forte Disc Golf Course was opened on March 1 by Matt Forte. The following selected events and transactions occurred during March. Mar. 1 Invested $20,000 cash in the business. 3 Purchased Heerens...
-
The Bon Jovi Building offers a total of 48,000 square feet of rentable space and is currently occupied by two tenants, Tico Inc. and Sambora WorldWide. If Tico Inc. occupies 22,000 square feet of...
-
The information listed below refers to the employees of Lemonica Company for the year ended December 31, 2016. The wages are separated into the quarters in which they were paid to the individual...
-
The amounts of the assets and liabilities of Viva Travel Service as of September 30, 20Y6, the end of the current year, and its revenue and expenses for the year are listed below. The retained...
-
The following financial data were adapted from a recent annual report of Target Corporation (TGT) for the year ending January 31. In millions Accounts payable...
-
Match the distribution with one of the graphs in Exercises 912. Justify your decision. Graphs from 9-12: The frequency distribution of scores on a 90-point test where a few students scored much lower...
-
It is axiomatic that "All people will resist change." I would like you to reflect on that assertion in this assignment; specifically, I am asking you to describe your personal experience in a change...
-
Describe effective diversity planning (this should be a paragraph), then a paragraph describing the role ethics play in planning and implementation
-
How do regional religious beliefs influence your country's art and architecture? Please support your ideas with examples. How do you explain this connection? Support your argument with examples and...
-
Compare and contrast any two organizations with high-quality training programs that are recognized as fair and equitable for all their employees.
-
What might it mean to "represent women across cultures?" o What are the possible pros and cons of doing so whether the representation is cultural, academic, social, creative, and so on?
-
For the data in the file P20_51.xlsx, suppose that LSL = 195 and USL = 205. a. Is the process in control? If it is out of control, describe any observed out-of-control pattern. b. If possible,...
-
Avatar Financials, Inc., located on Madison Avenue, New York City, is a company that provides financial advice to individuals and small- to mid-sized businesses. Its primary operations are in wealth...
-
Does the term last-in in the LIFO method mean that the items in the inventory are assumed to be the most recent (last) acquisitions? Explain.
-
Does the term last-in in the LIFO method mean that the items in the inventory are assumed to be the most recent (last) acquisitions? Explain.
-
Which of the three methods of inventory costingFIFO, LIFO, or average cost will in general yield an inventory cost most nearly approximating current replacement cost?
-
discuss the evolutionary adaptations of the respiratory system across taxa, highlighting the diversification of respiratory structures and mechanisms in response to ecological niches and selective...
-
1. A Pringles chip can be thought of mathematically in two ways: a. You can consider it as a thin elliptic slice of potato dough that is afterwards molded and fried. If the slice can be represented...
-
How does the study of epigenetics contribute to our understanding of how environmental factors influence gene expression and phenotypic variation within populations over evolutionary time scales ?
Study smarter with the SolutionInn App