AC1030 Week 4 Assessment Financial Statements Prompt: Prepare the Income statement, Statement of Retained Earnings, and...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
AC1030 Week 4 Assessment Financial Statements Prompt: Prepare the Income statement, Statement of Retained Earnings, and Balance sheet. Each statement will be on a separate sheet so use the tabs below to navigate. Use the information in the Adjusted Trial Balance to fill out the 3 statements. Adjusted Trial Balance 31-Jan Account Cash Prepaid insurance Supplies Equipment Accumulated depreciation Accounts payable Income taxes payable Contributed capital Sales revenue Rent expense Utility expense Total Insurance expense Inventory expense Depreciation expense Income tax expense Salaries expense Debit 70,925 1,987 928 10,487 2,300 195 250 360 250 135 2,800 90,617 Credit 250 7,687 100 75,000 7,580 90,617 Revenues: Expenses: Income Statement For the Month Ending January 31 Total Expenses Net income (loss) 0 Tips! When you click the cell and you see the dropdown icon" it means you have to select the right answer in the lists. AC1030 Week 4 Assessment Financial Statements Prompt: Prepare the Income statement, Statement of Retained Earnings, and Balance sheet. Each statement will be on a separate sheet so use the tabs below to navigate. Use the information in the Adjusted Trial Balance to fill out the 3 statements. Adjusted Trial Balance 31-Jan Account Cash Prepaid insurance Supplies Equipment Accumulated depreciation Accounts payable Income taxes payable Contributed capital Sales revenue Rent expense Utility expense Total Insurance expense Inventory expense Depreciation expense Income tax expense Salaries expense Debit 70,925 1,987 928 10,487 2,300 195 250 360 250 135 2,800 90,617 Credit 250 7,687 100 75,000 7,580 90,617 Revenues: Expenses: Income Statement For the Month Ending January 31 Total Expenses Net income (loss) 0 Tips! When you click the cell and you see the dropdown icon" it means you have to select the right answer in the lists.
Expert Answer:
Answer rating: 100% (QA)
To prepare the Income Statement Statement of Retained Earnings and Balance Sheet we will use the inf... View the full answer
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-1259864230
6th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
Posted Date:
Students also viewed these finance questions
-
Below is an unadjusted trial balance run at year end followed by information needed to make adjusting entries. Baltimore Glass Company Trial Balance December 31, 2015 Adjusting items: 1. The...
-
One Product Corp. (OPC) incorporated at the beginning of last year. The balances on its post-closing trial balance prepared on December 31, at the end of its first year of operations, were: The...
-
(a) Find an equation of the normal line to the ellipse at the point (4, 2). (b) Use a graphing utility to graph the ellipse and the normal line. (c) At what other point does the normal line intersect...
-
If firms suddenly become more optimistic about the profitability of investment and planned investment spending rises by $100 billion, while consumers become more pessimistic and autonomous consumer...
-
Employees performed services in 20Y8, but the wages were not paid until 20Y9. During which year would the wages expense be reported on the income statement under (a) The cash basis? (b) The accrual...
-
Consider the following cash flow profile, and assume MARR is 10 percent/year and the finance rate is 4 percent/year. a. Determine the MIRR for this project. b. Is this project economically...
-
Danny Badens Verde Vineyards in Oakville, California, produces three varieties of wine: Merlot, Viognier, and Pinot Noir. His winemaster, Russel Hansen, has identified the following activities as...
-
Artificial Intelligence (AI) has begun to take over many functions in the firm, including pricing, recruitment, talent promotion, advertising, loan issuance, default risk prediction, supply chain and...
-
Monthly sales are independent normal random variables with mean 100 and standard deviation 5. a. Find the probability that exactly of the next months have sales greater than 100. b. Find the...
-
Bilos Co. purchased a patent on a newly developed technology. They will recognize the cost of this patent: Multiple choice question. over the asset's life using depreciation expense over the asset's...
-
If a 5-kg bowling ball is projected upward with a velocity of 2.0 m/s, then what is the recoil velocity of the Earth (mass 6.0 x 10 24 kg).
-
Future limited was incorporated on 1 January 2020 and commenced business activities within that same period. The following information relates to the activities of Future Limited:
-
Review a business case in which an element of technology we have discussed in class was implemented. 2. Review and describe the thought that went into the decision 3. Identify the stakeholders that...
-
Selected values of the real-number function f are given. X 1.9 1.99 1.999 2.001 2.01 2.1 f(x) 2.470 2.647 2.665 2.669 2.687 2.870 Which is the best estimate of lim f(x)? (2) 2-2
-
A flood control project A will have a first cost of $1.4 million with an annual maintenance cost of $40,000 and a 10 year life. Reduced flood damage is expected to amount to $175,000 per year. Lost...
-
3. (25 pts.) Water at 25C flows across a bank of tubes with 10 rows by passing 4-m-long, 1.5-cm-diameter resistance heater rows maintained at 95C and they are arranged in in-line manner with...
-
Discuss whether responsible human resources management should apply different standards for the home company and suppliers, for developed countries and developing countries, and for large companies...
-
What is a T-account? What is its purpose?
-
Explain why an error in ending inventory in one period affects the following period.
-
Using the information in E6-11, prepare journal entries to record the transactions, assuming Evergreen Company records discounts using the net method in a perpetual inventory system. Forfeited...
-
Fly Fast Ltd operates a small charter plane operation in South West Queensland. The airline provides a fly-in fly-out service to mining operations in this area. Currently Fly Fast operates one plane...
-
Long Weekend Ltd suffered a severe drop in sales and profit performance for the year ended 30 June 2019. The income statement revealed that net sales were $1 500 000 with a profit of $310 000. Unit...
-
TMP Human Resource Consulting had the following contribution margin income statement for the year ended 2019. Required Answer each of the following independent situations. (a) Explain how an...
Study smarter with the SolutionInn App