Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On...

     

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Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company's records show the following selected accounts and amounts for the month of August. Cash Accounts receivable office supplies Land office equipment Accounts payable Common stock 25,378 Dividends 22,370 Consulting fees earned 5,260 Rent expense 44,010 Salaries expense. 20,020 Telephone expense 10,540 Miscellaneous expenses 102,100 $ 6,020 27,010 9,570 5,620 880 530 Exercise 2-16 Preparing an income statement LO C3, P3 Use the above information to prepare an August income statement for the business. Use the above information to prepare an August income statement for the business. HELP TODAY Income Statement As of August 31 Revenues Consulting revenue Rental revenue Total Revenues Expenses Income Statement For Month Ended December 31 Salaries expense Rent expense Advertising expense Utilities expense Total Expenses ACCEL $ 34,000 7,000 1$ 6,000 4.000 2,800 2,400 $ 41,000 15,200 $ 25,800 Prepare a statement of retained earnings for the month ended December 31. The retained earnings account balance at December 1 was 50. Hint: Use the net income calculated in part 1. ACCEL For Month Ended December 31 O Retained samings, December 1 Add Not income Retained namings December 31 O O 25.000 - 4.000 OF (4,000) Prepare a balance sheet as of December 31. Hint: Use the ending retained earnings balance calculated in part 2. ACCEL Balance Sheet of December 31 Assets: Cash Accounts receivable Note receivable Supplies Prepaid insurance Equipment Total Assets 12,000 10,000 5,000 3,000 2.000 10.200 42.200 Liabilities: Accounts payable Notes payable Unearned revenue Total Liabilities Total Liabilities and Equity 4,800 2.800 3,600 1000 11.200 0 11,200 Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company's records show the following selected accounts and amounts for the month of August. Cash Accounts receivable office supplies Land office equipment Accounts payable Common stock 25,378 Dividends 22,370 Consulting fees earned 5,260 Rent expense 44,010 Salaries expense. 20,020 Telephone expense 10,540 Miscellaneous expenses 102,100 $ 6,020 27,010 9,570 5,620 880 530 Exercise 2-16 Preparing an income statement LO C3, P3 Use the above information to prepare an August income statement for the business. Use the above information to prepare an August income statement for the business. HELP TODAY Income Statement As of August 31 Revenues Consulting revenue Rental revenue Total Revenues Expenses Income Statement For Month Ended December 31 Salaries expense Rent expense Advertising expense Utilities expense Total Expenses ACCEL $ 34,000 7,000 1$ 6,000 4.000 2,800 2,400 $ 41,000 15,200 $ 25,800 Prepare a statement of retained earnings for the month ended December 31. The retained earnings account balance at December 1 was 50. Hint: Use the net income calculated in part 1. ACCEL For Month Ended December 31 O Retained samings, December 1 Add Not income Retained namings December 31 O O 25.000 - 4.000 OF (4,000) Prepare a balance sheet as of December 31. Hint: Use the ending retained earnings balance calculated in part 2. ACCEL Balance Sheet of December 31 Assets: Cash Accounts receivable Note receivable Supplies Prepaid insurance Equipment Total Assets 12,000 10,000 5,000 3,000 2.000 10.200 42.200 Liabilities: Accounts payable Notes payable Unearned revenue Total Liabilities Total Liabilities and Equity 4,800 2.800 3,600 1000 11.200 0 11,200

Answer rating: 100% (QA)

Step 11 Prepare the Income Statement Help Today Income Statement For the Month Ending Augu... View the full answer