The account balances for the year ended December 31, 2015, for Williams Industries are listed next: Requirements
Question:
Requirements
1. Prepare Williams' Industries' multi-step income statement.
2. Prepare Williams' Industries' statement of retained earnings.
3. Prepare Williams' Industries' classified statement of financial position in report form.
Transcribed Image Text:
Sales Revenue.. $322,800 104,000 16,500 2,200 12,600 1,700 1,600 6,900 140,000 Cost of Goods Sold. $158,400 Accumulated Depreciation, Equipment. Unearned Sales Revenue . Prepaid Rent Office Salaries Expense.. Accumulated Depreciation, Building. Rent Expense. Dividends. Cash. Retained Earnings. Delivery Expense. Insurance Expense. Mortgage Payable (Long-Term) Equipment. Accounts Payable. Sales Discounts 26,400 2,500 1,200 52,000 Advertising Expense. Interest Expense Wages Payable.. Accounts Receivable. 40,500 5,800 14,000 7,800 87,600 1,300 5,700 Building. Sales Returns and 6,700 35,000 10,300 16,400 22,300 600 Allowances. Common Shares Utilities Expense. Inventory.. Commission Expense. Supplies. 37,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (12 reviews)
Req 1 Williams Industries Income Statement Year Ended December 31 2015 Sales Revenue 322800 Less Sal...View the full answer
Answered By
ANDREW KIPRUTO
Academic Writing Expert
I have over 7 years of research and application experience. I am trained and licensed to provide expertise in IT information, computer sciences related topics and other units like chemistry, Business, law, biology, biochemistry, and genetics. I'm a network and IT admin with +8 years of experience in all kind of environments.
I can help you in the following areas:
Networking
- Ethernet, Wireless Airmax and 802.11, fiber networks on GPON/GEPON and WDM
- Protocols and IP Services: VLANs, LACP, ACLs, VPNs, OSPF, BGP, RADIUS, PPPoE, DNS, Proxies, SNMP
- Vendors: MikroTik, Ubiquiti, Cisco, Juniper, HP, Dell, DrayTek, SMC, Zyxel, Furukawa Electric, and many more
- Monitoring Systems: PRTG, Zabbix, Whatsup Gold, TheDude, RRDtoo
Always available for new projects! Contact me for any inquiries
4.30+
1+ Reviews
10+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-0133375534
2nd Canadian edition
Authors: Jeffrey Waybright, Robert Kemp, Sherif Elbarrad
Question Posted:
Students also viewed these Accounting questions
-
The account balances for the year ended July 31, 2012, for Northeast Industries, Inc., are listed next: Requirements 1. Prepare Northeast Industries, Inc.s multi-step income statement. 2. Prepare...
-
The following account balances for the year ended 31st December 2013, relate to Tan Pty Ltd. Additional information at 31 December 2013: Fees of $200,000 included in the above balance of $6,000,000...
-
The account balances for Atlantis Aquatics, Inc. for the year ended December 31, 2013, are presented next in random order: Cash ............... $ 3,700 Equipment ............ 13,700 Accounts Payable...
-
Paolo was recently promoted over Yasmine, and he now works on the sixth floor. Yasmine used to eat lunch with a coworker on the sixth floor, but lately she has been eating in the cafeteria to avoid...
-
Find the Laplacian of the following scalar functions: (a) V1 = 10r3 sin2 (b) V2 = (2/R2) cos sin
-
Comparative data on three companies in the same service industry are given below: Required: 1. What advantages are there to breaking down the ROI computation into two separate elements, margin and...
-
The Tsai-Wu interaction parameter \(F_{12}\) is determined from biaxial failure stress data. One way to generate a biaxial state of stress is by using a uniaxial \(45^{\circ}\) off-axis tension test....
-
Assume that Fielder Enterprises uses the following headings on its balance sheet. (a) Current assets (b) Investments (c) Property, plant, and equipment (d) Intangible assets (e) Other assets (f)...
-
Prior to beginning work on this discussion, please read about the Economic Value Added (EVA) and the Balanced Scorecard management systems on the websites of theCorporate Finance Institute (CFI) and...
-
WAR (We Are Rich) has been in business since 1987. WAR is an accrual-method sole proprietorship that deals in the manufacturing and wholesaling of various types of golf equipment. Hack & Hack CPAs...
-
The following transactions occurred during April 2015 for Sandy Salon Products, Inc.: Apr 3Purchased $3,400 of goods on account, terms 1/15, n/30, FOB shipping point. 6Returned $500 of defective...
-
The accounts for the year ended March 31, 2015, for Clark Industries, Inc. are listed next: Requirements 1. Prepare Clark Industries' multi-step income statement. 2. Prepare Clark Industries'...
-
Discuss how Theorem 7.4.1 can be used to find Theorem 7.4.1 If F(s) = {f(t)} and n = 1, 2, 3, . . . , then L - In s+1]
-
You have recently been hired by Delta Airlines to work in its strategy division. For each of the following, illustrate how Deltas supply curve for airline flights will be affected by drawing a graph...
-
Explain what 98% confidence means in a 98% confidence interval.
-
If a process removes heat from a system, must the system's temperature decrease in this process? Explain.
-
Is capital structure important to managers of not-for-profit businesses? Explain your answer.
-
Is the CCC the appropriate hurdle rate for all projects that a business evaluates?
-
Constant growth Over the past 6 years, Elk County Telephone has paid the dividends shown in the following table. Year Dividend per share 2019....................................... $2.87...
-
7 A 29-year-old, previously healthy man suddenly collapses at a party where legal and illicit drugs are being used. Enroute to the hospital, he requires resuscitation with defibrillation to establish...
-
What is the nuclear fuel of the nuclear industry?
-
What is the distinction between comparability and consistency?
-
Stallman Company took a physical inventory on December 31 and determined that goods costing $200,000 were on hand. Not included in the physical count were $25,000 of goods purchased from Pelzer...
-
There are two real numbers a for which (2x)+15 (1-x) = 8x - 3x + 2. The sum of these two real numbers is
-
Net sales Cost of goods sold Depreciation INCOME STATEMENT (Figures in $ millions) Earnings before interest and taxes (EBIT) Interest expense Income before tax Taxes Net income $ 882.00 742.00 32.00...
-
Venita is sewing new curtains. The table below shows the relationship between the number of stitches in a row and t length of the row. Sewing Number of Length (cm) stitches 5 1 15 3 20 4 30 6 What is...
Study smarter with the SolutionInn App