FREE Trial

The following information relates to La Greca Co. for the year 2020. Instructions After analyzing the data, prepare an income statement and a retained earnings statement for the year ending December 31, 2020. Retained earnings, January 1, 2020 $48,000 Advertising

The following information relates to La Greca Co. for the year 2020.

Retained earnings, January 1, 2020 $48,000 Advertising expense $ 1,800 Dividends during 2020 5,000 Rent expense 10,400 Service revenue 62,500 Utilities expense 3,100 Salaries and wages expense 28,000


Instructions

After analyzing the data, prepare an income statement and a retained earnings statement for the year ending December 31, 2020.

Transcribed Image Text:

Retained earnings, January 1, 2020 $48,000 Advertising expense $ 1,800 Dividends during 2020 5,000 Rent expense 10,400 Service revenue 62,500 Utilities expense 3,100 Salaries and wages expense 28,000

This problem has been solved!


Do you need an answer to a question different from the above? Ask your question!
  • Tutor Answer

LA GRECA CO. Income Statement For the Year Ended December 31, 2020 Revenues Service reve…View the full answer


answer-question
Related Book For  answer-question
Financial and Managerial Accounting

Financial and Managerial Accounting

ISBN: 978-1119392132

3rd edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

See More Books
Question Details
Chapter # 1
Section: Exercises
Problem: 12
Posted Date: January 23, 2019 06:22:36
See More Questions

Students also viewed these Business questions

Q:
The following information relates to La Greca Co. for the year 2015. Retained earnings, January 1, 2015 .......$48,000 Dividends during 2015 ........... 5,000 Service revenue .............. 62,500...
A:
LA GRECA CO. Income Statement For the Year Ended December 31, 2015 Revenues Service revenue .... $62......
Q:
The following information relates to La Greca Co. for the year 2019. Retained earnings, January 1, 2019............$48,000.........Advertising expense.......$ 1,800 Dividends during...
A:
LA GRECA CO. Income Statement For the Year Ended December 3......
Q:
The following information relates to the Plus Factors Group plc for the years to 30 September 20X8 and 20X9: Ordinary dividends were declared as follows: Interim 1.12 pence per share (20X8, l.67p)...
A:
(a) Value added statement for year ended 30 September 20X9 20X9 20X8 '000 % '000 % Turnover 8,613 6 7,560 1 Bought-in materials and services 4,815 4 4......
Q:
Hardie Lord, Helen Murvis's boss, is not convinced that Helen used the correct decision technique. Hardie believes that Helen should use a coefficient of realism of 0.75 in determining the best...
A:
a. Weighted Population Population Av......
Q:
a. Verify that E(1) = 1 by using the rules of expected value from Chapter 5. b. Use the rules of variance from Chapter 5 to verify the expression for V (1) given in this section?
A:
a. Under the regression model, E(Y i ) = 0 + i x i and, hence, E(Y ) = 0 + 1......
Q:
Tally-Ho Horse Farm Inc. began 2017 with cash of $44,000. During the year, Tally-Ho earned service revenue of $500,000 and collected $510,000 from customers. Expenses for the year totaled $420,000,...
A:
Tally-Ho Horse Farm Inc. Statement of Cash Flows For the Year 20......
Q:
Create an exponential smoothing model that minimizes the MSE for the data set. Use Solver to estimate the optimal value of a. a. What is the optimal value of a? b. Prepare a line graph comparing the...
A:
Click to View...
Q:
The unadjusted trial balance for Taylor Electronics Company follows: Requirements 1. Journalize the adjusting entries using the following data: a. Interest revenue accrued $ 200. b. Salaries...
A:
Requirement 1 Date Accounts and Explanation Debit Credit Mar. 31 Interest Receivable 200 Interest Revenue 200 Mar. 31 Salaries Expense (Selling) 2,700......
Q:
Make a looping program to convert your grades in percentage to letter grades. Given: Grade ranges: A: 100-90, B: 89-80, C: 79-70, D: 69-60, F: < 60 -Prompt the user for their grade in percen. Ex:...
A:
Here's a simple Python program that converts percentage grades to letter grades and con......
Q:
H.J. Heinz Companys actual condensed balance sheet data for April 27, 2011, follow ($ in millions): The following summarizes a few transactions during May 2011 ($ in millions): a. Ketchup carried in...
A:
1. See Exhibit 2-50 on the following page. 2. H. J. HEINZ COMPANY Statemen......
Q:
Financial statement information about four different companies is as follows. Instructions a. Determine the missing amounts. (Hint: For example, to solve for (a), Assets Liabilities = Stockholders'...
A:
a. Donatello Company Leonardo Company Michelangelo Company Raphael Company (a) $27,000 (d) $50,000 (......
Q:
Wyco Park, a public camping ground near the Four Corners National Recreation Area, has compiled the following financial information as of December 31, 2020. Instructions Determine Wyco Park's net...
A:
a. Camping fee revenues.... $140,000 General store revenues... 47,000 Total revenue.... 187,000 Expe......
Q:
Let A be the matrix given in Exercise 21. For each of your solutions x to Exercise 21(b), compute Ax and compare it to Pb.
A:
( i ) Ax = Pb = (2,......
Q:
In your own words, describe what a crisis is. What types of crises might the hospitality industry face in the upcoming year? List at least 3 possible factors for these crises. Explain how they could...
A:
Description of a Crisis: A crisis refers to a significant and often unexpected event or series of events that pose a threat to an organization's stability, reputation, operations, and overall well-bei......
Q:
+ A sudden increase in the demand for hard drives has left your company with insufficient capacity to meet demand. The company has seen monthly demand from its retailers for its Hard Disk Drives...
A:
Click to View...
Q:
A commercial for a new blender says the following: "You will never guess how much this blender costs! $70? Wrong! $60? No! Not even $50! This blender costs only $25.99!" By asking viewers to consider...
A:
The company is using the psychological tactic of "decoy pricing"......
Q:
On August 31, as the Executive Housekeeper of the Royal Hotel in San Antonio, Texas, you have taken the monthly inventory for sheets, finding that the total number on hand is 5,715. The Royal has 400...
A:
Let's break down the information given step by step to calculate the shrinkage and the number of she......
Q:
One period replicating portfolios. (a) Suppose a stock (which pays no dividends) is trading at 100. Next period the stock will either go up by 27%, or go down by 23%. The stock pays no dividends. The...
A:
(a) i. To construct a replicating portfolio for an at-the-money (ATM) call option, we need to find the weights of the stock and risk-free asset that replicate the option's payoff. Since the stock can......
Q:
Lance is single and has a traditional IRA into which he has made deductible contributions for several years. This year he changed employers and is now an active participant in his employers pension...
A:
While Lance could make a nondeductible contribution to his current IRA, a better course of action wo......
Q:
This problem continues the Draper Consulting, Inc., situation from Problem 12-45 of Chapter 12. In October, Draper has the following transactions related to its common shares: Oct 1 Draper...
A:
Req. 1 Journal Entry DATE ACCOUNTS AND EXPLANATIONS POST.......
Q:
The Manda Panda Company uses the allowance method to account for bad debts. At the beginning of 2011, the allowance account had a credit balance of $75,000. Credit sales for 2011 totaled $2,400,000...
A:
Requirement 1 This is a loss contingency. Some loss contingencies don't involve liabilities a......
Q:
Lexton Company uses the allowance method to account for uncollectible accounts receivable. At year-end, October 31, it was estimated that 0.6% of net credit sales were uncollectible based on past...
A:
Oct. 31 Bad Debt Expense... 2......
Q:
Foster Company uses the allowance method to account for uncollectible accounts receivable. At year-end, December 31, the unadjusted balance in the Allowance for Doubtful Accounts was $450 credit....
A:
Allowance for Doubtful Accounts 450 Dec. 31 unadjusted Balance 1......
Q:
The Electronic Industries Association reports that about 50% of U.S. households have a camcorder. For a randomly selected sample of 800 U.S. households, use the normal approximation to the binomial...
A:
Let x = the number of households in this group that have a camcord......
Q:
Consider the principles, assumptions, and constraints of Generally Accepted Accounting Principles (GAAP). Define the matching principle, and explain why it is important to users of financial...
A:
According to the matching principle, costs need to be matched to the revenues that they......
Q:
Kinney A. . had the following assets and liabilities on the dates indicated. Kinney began business on January 1, 2019, with an investment of 100,000. Instructions From an analysis of the change in...
A:
(a) Owners equity x 12/31/19 (400,000 250,000).. 150,000 Owners equity x 1/1......
Q:
Truculent is if youre cruel or fierce. Criticize the following definitions in light of the eight rules for lexical definitions:
A:
Click to View...
Q:
Leander Office Products Inc. produces and sells small storage and organizational products for office use. During the first month of operations, the products sold well. Andrea Leander, the owner of...
A:
1. a. Direct materials... $1 00 Direct labour... 0 80 Variable manufacturing overhead... 0 20 Fixed manufacturing overhead ($75,000 50,000 units)... 1 50 Unit product cost.... $3 50 b. Sales (40,000 u......
Q:
Python program that includes the following logic Task A: Create a function called input_values: Accept two strings from the user. Validate that the string contains only letters of the alphabet...
A:
Python program: import math def input_values(): while True: first_string = input("Enter the first......
Q:
An experiment was conducted to determine if the weight of an animal can be predicted after a given period of time on the basis of the initial weight of the animal and the amount of feed that was...
A:
(a) = -22 99316+ 1 3......
Q:
A company uses the percentage-of-sales approach to estimate bad debts. Sales for the year were $750,000, and gross profit was $450,000. The company estimates that 5% of sales are uncollectible....
A:
The companys bad debt expense is $37,500. Its equal to total sales multiplied by the 5%......
Q:
Rachels Clothing Company has a receivables balance of $15,000 at the end of the year. Based on past history, Rachel estimates that it will not collect 2% of its receivables balance. Prior to any...
A:
a. Bad Debt Expense 500 Allowance for Bad Debt......
Q:
Suppose that a uniform magnetic field is everywhere perpendicular to this page. The field points directly upward toward you. A circular path is drawn on the page. Use Ampre's law to show that there...
A:
Ampre's law in the form of Equation 21 8 indicates that B || l = 0 I. Since t......
Q:
Candelabra Limited (CL) is a manufacturing company that is privately owned. The company's production facilities produce a significant amount of carbon dioxide, and currently the town is suing CL for...
A:
As CL's auditors, there are several financial reporting issues to consider in this scenario, and we should also note where there may be differences between International Financial Reporting Standards......
Q:
Envirocompany Limited (EL) is a pulp and paper company that has been in operation for 50 years. Its shares trade on a major stock exchange. It is located in a small town in Northern Ontario and...
A:
1. Environmental Liabilities: Under IFRS: IFRS requires companies to recognize environmental liabilities when it is probable that an outflow of resources (usually cash) will be required to settle a pr......
Q:
What do you mean by Trade Receivable?
A:
A trade receivable, also known simply as a "receivable," is a financial asset recorded on a company's balance sheet. It represents the amount of money......
Q:
What are the legal requirements for preparing company final accounts as per Companies (Amendment) Act, 1988?
A:
The Companies (Amendment) Act, 1988 introduced various changes and amendments to the Companies Act, 1956, which governed company law in India at that time. While the Companies Act, 1956, has been repl......
Q:
Discuss about the managerial remuneration eligible for different managerial personnel.
A:
Managerial remuneration can vary significantly based on the type of managerial personnel and their roles within an organization. It is essential to establish fair and competitive compensation structur......
Q:
Blubaugh, a farmer, leased a combine from John Deere Leasing (JDL). The lease document was preprinted on two sides of the paper, but one side was printed in very small, light type and could not be...
A:
The lease contract is unconscionable. A clause stating a party bears full......
Q:
Illini Company, Inc. Balance Sheet as of 12/31/20X0 Assets Current Assets: Cash $1,500,000 Accounts receivable, net 18,000 Inventory 50,000 Total current assets 1,568,000 Equipment 90,000 Goodwill...
A:
Click to View...
Q:
What is an open source DBMS?
A:
Open-source DBMS: An open-source DBMS is a free or nearly free databa......
Q:
What is an important difference between a request-response message and a trap message in SNMP?
A:
To conclude i can say that the trap message is sent b......
Q:
1. Clearly, Dynamo, Bigtable, and Cassandra are critical technology to the companies that create them. Why did they allow their employees to publish academic papers about them? Why did they not keep...
A:
1. The companies that originally developed Dynamo, Bigtable, and Cassandra did so to solve a real business problem they encountered as they went about......
Q:
Four wooden beams, each of length 2a, are nailed together at their midpoints to form the support system shown. Assuming that only vertical forces are exerted at the connections, determine the...
A:
Eleft Emiddle Note that, if we assume P is applied to EG, each individual m......
Q:
Describe how Uber's business model works and the role technology has played in its success. What are the arguments for banning these types of businesses? What are the arguments for defending them?
A:
Uber is not in the taxi business; instead it matches drivers in cars to potential passengers and takes a piece of the fare for providing the match. Th......
Q:
Suppose you observe the following continuously compounded zero-coupon bond yields: 0.06766 (1-year), 0.05827 (2-year), 0.04879 (3-year), 0.04402 (4-year), 0.03922 (5-year). For each maturity year...
A:
Maturity 1 2 3 4 5 Zero-Coupon Bond Yield 0 07000 0 06000 0 05000......
Q:
Reconsider Prob. 13129. By varying the flow depth-to-radius ratio y/R from 0.1 to 1.9 while holding the flow area constant and evaluating the flow rate, show that the best cross section for flow...
A:
Click to View...
Q:
One of the suppliers working with Comac to provide parts for the C919 is a company called Parker Hannifin, which is supplying hydraulic, fuel, and flight control systems. Based on this information,...
A:
Parker Hannifin is using the joint venture option working with Comac .......
Q:
A company reports Net Income for the current year as $1,505,000. Preferred stock dividends for the year total $55,150. At January 1, 100,000 shares of common stock were outstanding. On September 1,...
A:
To calculate the company's Earnings Per Share (EPS), you'll need to use the following formula: EPS = (Net Income - Preferred Stock Dividends) / (Weigh......
Q:
A bank's balance sheet information is shown below (in $000). 1. What is the bank's risk-adjusted asset base under Basel III? 2. To be adequately capitalized, what are the bank's CET1, Tier I, and...
A:
1. The risk-adjusted asset base under Basel III is: On-balance-sheet risk-adjusted asset base $8,271,599 Off-balance-sheet risk-adjusted asset base $2......
Q:
For the coming year, Sorkin Company anticipates a unit selling price of $80, a unit variable cost of $40, and fixed costs of $400,000. 1. Compute the anticipated break-even sales (units). 2. Compute...
A:
1. 2. 3. 4. $240,000 [16,000 ($80......
Q:
What job functions does a database administrator perform?
A:
Figure 1-25 shows the working domains of knowledge workers, progra......
Q:
Krispy Kreme Company, the doughnut company, had the following items on its January 29, 2012, balance sheet (in thousands): Cash and cash equivalents ......... $ 44,319 Accounts payable ................
A:
Three items listed are not liabilities: cash and cash equivalents, inventories, and total stockholde......
Q:
Given data for a variable sampling test: Tolerable Error Audit Value of Sample: Book Value of Sample $5,000 Book Value of Population # of accounts in sample $6,000 $8,000 # of accounts in population...
A:
answer The projected population value using Difference Estimation c......
Q:
This year, company B sold land for a non-interest bearing note. The note calls for annual payments of $30,000 for 4 years. The payments will begin one year from the date of the sale. An appropriate...
A:
The journal entry for Company B's sale of land for a non-interest bearing note would involve recogni......
Q:
The cube is given to you, one face after the other as 6 grids filled with 0 s and # s, where 0 represents a passage, and # represents a wall: an impassable cell. The cube can be modelized as a paper...
A:
# Parse input N = int(input()) cube = [[in......
Q:
Financial Statement Analysis A Firms capital structure determines its actual cost of capital, which is a critical measure in its valuation what is the overall evaluation of the structure of Apple...
A:
1. Apple Inc: Apple's capital structure is known for having a significant portion of equity and relatively low debt. This has contributed to a relativ......
Q:
What strategies would be applied when dealing with difficult group members? Examine the relevance of each strategy. Consider This:On the surface, it helps to create a win-win situation.
A:
Dealing with difficult group members can be challenging, but there are several strategies that can be applied to address these issues effectively. Each strategy has its relevance in different situatio......
Q:
If f(x) + x2 [f(x)]3 = 10 and f(1) = 2, find f`'(1).
A:
d/ dx {f(x) + x 2 [f(x)] 3 } = d/ dx (10) f'(x) + x......
Principles of Corporate Finance 12th edition - ISBN: 978-1259692178 - Free Book