The Income Summary and Levi Simmons, Capital accounts for Simmons Production Company at the end of its
Question:
Complete the following statements:
1. Total revenue for the period is _________________.
2. Total expenses for the period are _________________.
3. Net income for the period is _________________.
4. Owners withdrawals for the period are_________________.
Transcribed Image Text:
ACCOUNT Income SummaryACCOUNT NO. 399 BALANCE POST DATE DESCRIPTION DEBIT CREDIT DEBIT CAEDIT 2016 31 Closing 31 Closing 31 Closing J431100 00 34 J4 35900 o0 67 000 00 δ7:01010: 00 31 100 00 ACCOUNT_Levi Simmons, Capital ACCOUNT NO. 301 BALANCE DATE DESCRIPTION E 2016 Dec1 DEBIT CREDIT 31 1200 0 0 00 31 1 00 00 120 000 00 151 100 00 140 100 00 31 Closing 34 31 Closing J4 11000 00
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 76% (17 reviews)
1 Total revenue for the period is ...View the full answer
Answered By
BETHUEL RUTTO
Hi! I am a Journalism and Mass Communication graduate; I have written many academic essays, including argumentative essays, research papers, and literary analysis. I have also proofread and written reviews, summaries and analyses on already finished works. I am eager to continue writing!
5.00+
1+ Reviews
10+ Question Solved
Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
Question Posted:
Students also viewed these Accounting questions
-
What is the meaning of competition according to Austrian theory? a. That it is a mechanism that ensures individual welfare growths b. That it leads to equilibrium c. That it is a discovery procedure...
-
At the end of its accounting period, December 31, 2012, May Corporation owed $1,000 for property taxes which had not been recorded nor paid. Therefore, the 2012 adjusting entry should be which of the...
-
The Income Summary and Linda Carter, Capital accounts for Carter Production Company at the end of its accounting period follow. Complete the following statements: 1. Total revenue for the period is...
-
A non reactive/conservative contaminant is dumped on the ground level and it leaches to the groundwater vertically and takes half day for reaching the groundwater by travelling through unsaturated...
-
Recall that a sample of % college students was shown a video of a simulated theft, then asked to select a mug shot that most closely resembled the thief. The students were randomly assigned to view...
-
Whitaker Company produces two models of blenders for restaurants: the Super Model (priced at $1,600) and the Special Model (priced at $800). Recently, Whitaker has been losing market share with its...
-
E 19-11 Identification of fund type For each of the following events or transactions, identify the fund or funds that will be affected. 1. A new city government establishes an employee pension...
-
A major issue faced by people who are starting their own business is the form of organization they should select. What are some major characteristics of a partnership that might influence their...
-
Question 2 Save A wym wall style hom Mural da parte beginning of the ce in ce Department Convention code retured and allocated only thie en Abercing of material completed the pieces are my wife to...
-
During 2020, your clients, Mr. and Mrs. Howell, owned the following investment assets: Investment Assets Date Acquired Purchase Price Brokers Commission Paid at Time of Purchase 300 shares of IBM...
-
Managers often consult financial statements for specific types of information. Indicate whether each of the following items would appear on the income statement, statement of owners equity, or the...
-
The ledger accounts of I-Cloud Internet Company appear as follows on March 31, 2016: All accounts have normal balances. Journalize and post the closing entries. Use 4 as the page number for the...
-
Write the equation as given by the statement. Then write the indicated function using functional notation. The area A of the Bering Glacier in Alaska, given that its present area is 5175 km2 and that...
-
Consider the following double loop and identify the dependence. Verify the dependence(s) by applying GCD test and Bounds test. Use the direction vector of (1, -1) corresponding to T on (5M) S. L1: do...
-
After discovering a vulnerability in the passwd utility, the Linux developers have decided that it is too dangerous to continue to run the utility as root (through setuid). Unfortunately, there's no...
-
Your supervisor comes to you and says, that as a company, you're facing multiple communication challenges. Since transitioning to a remote workforce, communication has been extremely poor....
-
You are developing an application that will be running on several hundred Amazon EC2 instances. The application on each instance will be required to reach out through a file system protocol...
-
What is the danger of mixing elements ("hybrid strategy") from both agile and lean SC strategies?
-
Discuss the significance of the distinction between controllable and non- controllable costs.
-
Three successive resonance frequencies in an organ pipe are 1310, 1834, and 2358 Hz. (a) Is the pipe closed at one end or open at both ends? (b) What is the fundamental frequency? (c) What is the...
-
Suppose that Verizon issues two bonds with identical coupon rates and maturity dates. One bond is callable, however, whereas the other is not. Which bond will sell at a lower price?
-
The adjusted trial balance of West Kayne Consulting is provided in the following worksheet for the month ended Apri130, 2014. Instructions (a) Complete the work sheet and prepare a balance sheet as...
-
Refer to the facts in problem 4. Now assume that Firm A borrowed $50,000 to purchase the asset. In each year, it paid $3,800 annual interest on the debt. The interest payments were deductible. a. How...
-
Journalize each of the transactions in Exercise 29 assuming a periodic inventory system and PST at 8% along with 5% GST. In Exercise 29 June 1 Purchased $2,000 of merchandise; terms 1/10, n/30. 5...
-
Hite corporation intends to issue $160,000 of 5% convertible bonds with a conversion price of $40 per share. The company has 40,000 shares of common stock outstanding and expects to earn $600,000...
-
Your portfolio has a beta of 1.17, a standard deviation of 14.3 percent, and an expected return of 12.5 percent. The market return is 11.3 percent and the risk-free rate is 3.1 percent. What is the...
-
Slow Roll Drum Co. is evaluating the extension of credit to a new group of customers. Although these customers will provide $198,000 in additional credit sales, 13 percent are likely to be...
Study smarter with the SolutionInn App