Question: The adjusted trial balance of Parsons Company at December 31
The adjusted trial balance of Parsons Company at December 31, 2014, includes the following accounts: Owner’s Capital $15,600, Owner’s Drawings $7,000, Service Revenue $37,000, Salaries and Wages Expense $16,000, Insurance Expense $2,000, Rent Expense $4,000, Supplies Expense $1,500 and Depreciation Expense $1,300. Prepare an income statement for the year.
Answer to relevant QuestionsPartial adjusted trial balance data for Parsons Company is presented in BE3-9. In BE3-9, The adjusted trial balance of Parsons Company at December 31, 2014, includes the following accounts: Owner’s Capital $15,600, ...Ian Muse has prepared the following list of statements about the time period assumption.1. Adjusting entries would not be necessary if a company’s life were not divided into artificial time periods.2. The IRS requires ...The income statement of Gopitkumar Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Salaries and Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense $600. In reviewing ...Rosman Co. had three major business transactions during 2014.(a) Reported at its fair value of $260,000 merchandise inventory with a cost of $208,000.(b) The president of Rosman Co., Jay Rosman, purchased a truck for ...Delgado Advertising Agency was founded by Maria Delgado in January of 2013. Presented below are both the adjusted and unadjusted trial balances as of December 31, 2014.Instructions(a) Journalize the annual adjusting entries ...
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