Question: Universal Services was organized on October 1, 2015. A summary of the revenue and expense transactions for October follows: Fees earned ............$800,000 Wages expense ...........270,000

Universal Services was organized on October 1, 2015. A summary of the revenue and expense transactions for October follows:
Fees earned ............$800,000
Wages expense ...........270,000
Rent expense .............60,000
Supplies expense ............9,000
Miscellaneous expense .........12,000
Prepare an income statement for the month ended October 31, 2015.

Step by Step Solution

★★★★★

3.34 Rating (187 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

tr msoheightsourceauto col msowidthsourceauto br msodataplacementsamecell style0 msonumberformatGeneral textaligngeneral verticalalignbottom whitespacenowrap msorotate0 msobackgroundsourceauto msopatt... View full answer

Question Has Been Solved by an Expert!

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

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

529-B-A-L (5606).xlsx

300 KBs Excel File

Students Have Also Explored These Related Accounting Questions!

Universal Services was organized on October 1, 2010. A summary of the revenue and expense transaction for October follows. Fees earned $800,000 Wages expense 270,000 Rent expense 60,000 Supplies...

Clean Today, Inc., was organized on October 1 of this year, with a charter providing for authorized capital as follows: a. 8,000 shares of preferred 7 percent stock, $ 50 par value b. 100,000 shares...

Imaging Services was organized on March 1, 2018. A summary of the revenue and expense transactions for March follows: Fees earned ........................................ $482,000 Wages expense...

EX 1- 18 Statement of owners equity Financial information related to Lost Trail Company, a proprietorship, for the month ended June 30, 2012, is as follows: Net income for June $ 125,000 Penny Bealls...

I am supposed do the exercise in this chart and I did wide as you can see an Astor is will appear next to an incorrect entry. Please if someone can't explain me how am I supposed to do this exercise...

Income Statement Imaging Services was organized on March 1, 2015. A summary of the revenue and expense transactions for March follows: Fees earned $764,400 Wages expense 389,800 Rent expense 75,700...

Income Statement Imaging Services was organized on March 1, 2015. A summary of the revenue and expense transactions for March follows: Fees earned $449,600 Wages expense 229,300 Rent expense 44,500...

Universal Services was organized on october 1, 2012. A summary of the revenue and expense transactions for October follows, fees earned $800,000 wages expense $270,000 rent expense $60,000 supplies...

Income Statement Imaging Services was organized on March 1, 2015. A summary of the revenue and expense transactions for March follows: Fees earned $348,400 Wages expense 177,700 Rent expense 34,500...

eBook Income Statement Universal Services was organized on March 1, 2014. A summary of the revenue and expense transactions for March follows: Fees earned $541,700 Wages expense 276,300 Rent expense...

What determines whether cash received from a borrowing is reported as cash flows from noncapital financing activities or from capital and related financing activities?

"Buzhane A..", which distributes hamburger materials to the Karabk branches of Leziz Burger. cold storage, Hatr Burger supplies its meatballs from a company they have agreed with for two years, upon...

ACTG. At June 30,2022 the end of its most recent CDOS - Halfpenny.C. Labcorp Menu Labcorp Specialty ! Question 1 of 1 0.18/1 3 View Policies Show Attempt History Current Attempt in Progress At June...

Explain the purpose of requirement gathering process.

Planks Plants had net income of $6,000 on sales of $70,000 last year. The firm paid a dividend of $600. Total assets were $300,000, of which $150,000 was financed by debt. a. What is the firms...

According to the Census Bureau, in October 2016, the average house price in the United States was $27,258. 8 years earlier, the average price was $22,108. What was the annual increase in the price of...