Question: 01.03 Preparing and formatting basic nancial statements from selected data -______________________ Prepare Bisceglia's income statement, statement of retained earnings, and balance sheet for the year

01.03 Preparing and formatting basic nancial statements from selected data -______________________ Prepare Bisceglia's income statement, statement of retained earnings, and balance sheet for the year end ing December 3 1, ZOXS. The following information is all that is available. Be sure to prepare proper headings and dates on each nancial statement. Capital stock $41,000 Rent expense $10,000 Wage expense "' 37,000 Accounts payable 4,000 Revenue 90,000 Equipment 80,000 Cash 9,000 Dividends 5,000 Utilities expense 6,000 ( Accounts receivable 19,000 Beglnnlng retained earnings 1 1,000 Notes payable 20,000 1) What is the Net Income? A. 37000 B. 90000 C. 31000 I). 47000 2) What is Ending Retained Earnings in the Statement of Retained Earnings? A. 48000 B. 6000 (I. 43000 I). 1000 3) What is the total Asset balance in the Balance Sheet? A. 88000 B. 99000 (I. 108000 I). 24000 \\What is total Liability? A. 20000 B. 24000 C. 4000 I). 84000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Computer Project Exercises In developing the exercises, trade-offs had to be made to enrich the learning experience. One of the major problems students initially encounter is data and detail...

Please help, I have most of it done, just need the balance sheet part. I-01.03 Preparing and formatting basic financial statements from selected data Prepare Bisceglia's income statement, statement...

ACCOUNTING 2200 ACCOUNTING WORKSHEET - TRANSACTIONS TRANSACTIONS 1. A new company started on October 1, 2017. It's name is Enjoy Haggis, Inc. 2. Co sold 1,000 shares of common stock for $50,000 on...

You only have to answer these two parts, b) Prepare a schedule showing the inter-company realized and unrealized profits. Your schedule should include both pre-tax and after-tax amounts. c) Prepare...

Adjustment data: 1. Supplies on hand totaled $2,200. 2. Depreciation is $6,800 on the equipment. (Selling expense) 3. Interest of $3,800 is accrued on notes payable at June 30. Other data: 1....

QUESTION: I need assistance in filling in the dollar amounts for the adjusted journal entries as well as completing the Monthly Journal entries under the "Financing Leases" section and the "Operating...

I've attached the attachment as a word file, thanks! JWCL165_c13_612-673.qxd 8/13/09 11:15 AM Page 612 13 Statement of Cash Flows Chapter STUDY OBJECTIVES After studying this chapter, you should be...

I need all this completed is any of that it to complete 1-10 222 Chapter 4 Completing the Accounting Cycle Comprehensive Problem 1 The acco ustrated in this 8. Net income, Kelly Pitney began her...

Please use the attached FinSAS Excel document to input data obtained from the attached financial reports for Breville. You are required to complete the 'Input' and 'Source of Input' tabs only. To...

Today refers to the 2/26/16 Wall Street Journal. (The answers would be the same if today were 05/19/21) Futures prices are related to the following: spot price, cost of carry (financing cost +...

A haute cuisine restaurant is opening down the street, and its owner asks you for advise on pricing. Should you suggest that the restaurant price an appetizer at $6.99 or $7, and why?

In early 2 0 2 0 , CAT issued $ 5 0 0 million of 1 0 - year, 1 . 9 % bonds with a yield of 2 % . The bonds pay interest semi - annually. Calculate the interest expense that CAT reported in 2 0 2 2 on...

Mason's has a 5-year, 8 percent annual coupon bond with a $1,000 par value. Dixon's has a 10-year, 8 percent annual coupon bond with a $1,000 par value. Both bonds currently have a yield to maturity...