Prepare income statement, equity and balance sheet. Acco unt No. D. RAMOS GRAPHIC ARTS TRIAL BALANCE...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Prepare income statement, equity and balance sheet. Acco unt No. D. RAMOS GRAPHIC ARTS TRIAL BALANCE JUNE 30, 2011 ACCOUNT TITLE Cash Accounts Receivable Office Supplies Land Building Accumulated Depreciation Building Equipment Accumulated Depreciation Building Accounts Payable Salaries Payable Notes Payable Mortgage Payable Ramos, Capital Ramos, Withdrawal Art Revenues Interest Expense Miscellaneous Expense Representation Expense Salaries Expense Travel Expense Advertising Expense Depreciation Expense - Building Depreciation Expense - Equipment TOTAL P DEBIT 36,200 219,000 17,200 120,000 450,000 217,000 148,600 37,000 24,600 164,000 673,200 159,000 105,000 30,000 30,000 P2,430,800 P CREDIT 60,000 60,000 Required: Prepare financial performance, statement of equity and financial position 122,500 17,300 213,000 395,000 125,500 1,437,500 P2,430,800 Prepare income statement, equity and balance sheet. Acco unt No. D. RAMOS GRAPHIC ARTS TRIAL BALANCE JUNE 30, 2011 ACCOUNT TITLE Cash Accounts Receivable Office Supplies Land Building Accumulated Depreciation Building Equipment Accumulated Depreciation Building Accounts Payable Salaries Payable Notes Payable Mortgage Payable Ramos, Capital Ramos, Withdrawal Art Revenues Interest Expense Miscellaneous Expense Representation Expense Salaries Expense Travel Expense Advertising Expense Depreciation Expense - Building Depreciation Expense - Equipment TOTAL P DEBIT 36,200 219,000 17,200 120,000 450,000 217,000 148,600 37,000 24,600 164,000 673,200 159,000 105,000 30,000 30,000 P2,430,800 P CREDIT 60,000 60,000 Required: Prepare financial performance, statement of equity and financial position 122,500 17,300 213,000 395,000 125,500 1,437,500 P2,430,800
Expert Answer:
Answer rating: 100% (QA)
Q Prepare income statement equity and balance sheet Solution The income statement for D Ramos Graphic Arts for the year ended June 30 2011 is prepared ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0134730370
2nd edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Posted Date:
Students also viewed these accounting questions
-
John Hart, M.D., reported the following trial balance as of September 30, 2024: Calculate the debt ratio for John Hart, M.D. Account Title Cash Accounts Receivable Office Supplies Land Building...
-
Silly putty Inc. has had sales of 12 million, 17 million, and 16 million for each of the three last years. What wouldbe the MAPE if the actual sales were 15 million using the naive approach?
-
The adjusted trial balance of Erickson Real Estate Appraisal at June 30, 2023, follows: Required 1. Journalize the closing entries. 2. Open the T-accounts using the balances from the adjusted trial...
-
Given: MIII; Prove: M Use the definitions and postulates given in Example 2 to prove the theorems in Problems 914. Give both statements and reasons.
-
Figure shows an ideal battery of emf ? = 12 V, a resistor of resistance R = 4.0?, and an uncharged capacitor of capacitance C = 4.0?F. After switch S is closed, what is the current through the...
-
Complete the timing diagram in Figure 7-103 for a 74ALS161 with the indicated input waveforms applied. Assume the initial state is 0000. Figure 7-103 cux CLR LOAD IN3 ENP DCBA QD QC 80 QA RCO | |...
-
Explain why Personnel employees should be separated from payroll preparation, and why Personnel and Payroll employees should be separated from cash disbursements.
-
On January 1, 2014, Corgan Company acquired 80 percent of the outstanding voting stock of Smashing, Inc., for a total of $980,000 in cash and other consideration. At the acquisition date, Smashing...
-
Service revenue $970,400 Operating expenses, excluding depreciation $624,100 Depreciation expense 55,400 Loss on disposal of plant assets 25.200 704,700 Income before income taxes 265,700 Income tax...
-
Construct annual incremental operating cash flow statements. Shrieves Casting Company is considering adding a new line to its product mix, and the capital budgeting analysis is being conducted by...
-
it Calculate the thresold kinetic energy for the reaction p+ H 7H + H a) of protons are incident on 3H at jest. be of it le tritons are incident on proton.
-
Ahmed Company purchases all merchandise on credit. It recently budgeted the month-end accounts payable balances below. Cash payments on accounts payable during each month are expected to be June,...
-
Activity and selected costs for three production departments (Training, Independent, and Commercial) and two service departments (Accounting and Facilities) at DuBay Films for the past month follow:...
-
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April: (a) Purchased materials on...
-
Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (g)...
-
Morning Sky, Incorporated (MSI), manufactures and sells computer games. The company has several product lines based on the age range of the target market. MSI sells both individual games as well as...
-
A doctor faces a dilemma, and you, as a risk analyst, must help her out. If the doctor feels a patient has an 80% or greater chance of having a certain disease, she always recommends surgery. In...
-
What impact has the Internet had on the globalization of small firms? How do you think small companies will use the Internet for business in the future?
-
How would your answer to BE17-20 change if Year 1 income were equal to $100,000? Data from BE17-20 W. Pickett Fence Company incurred a net loss for Year 3. The firm does not have any book-tax...
-
Noeleen Auto Mall. Ltd. recently completed an initial public offering (IPO) for $23,000,000 by listing its common shares on the New York Stock Exchange. Prior to its [PO. Noeleen was a privately held...
-
On January 1, 2018, Mobile Technology, Incorporated issued $850,000 of $1,000 par value, 6%, 6-year bonds. Interest is payable semiannually each January I and July 1 with the first interest payment...
-
Convert 52 nm to sm.
-
A helicopter has a rotor diameter of 30 ft and it is being operated in a hover at 286.5 rpm. Find the tip speed Vt of the rotor.
-
The airplane in Problem 6 starts from a brakeslocked position on the runway. The airplane takes off at an airspeed of 200 fps. Find the time for the aircraft to reach takeoff speed.
Study smarter with the SolutionInn App