Using the trial balance provided above, prepare an income statement and statement of changes in equity for
Question:
Analysis Component: Prepare two different journal entries, including explanations, that might have created the May 31, 2014, balance in Utilities Expense of $1,400. Use May 31, 2014, as the date for your entries.
Balance SheetBalance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Transcribed Image Text:
Wildcat Opticians Trial Balance May 31, 2014 Acct. No. Account Title Debit Credit 10 Cash. 106 Accounts receivable o 124 Office suppliesn 128 Prepaid insurance. 163 Office equipmentn 201 Accounts payable..uo 230 Unearned service revenue 301 Bo Wildcat, capital.... 302 Bo Wildcat, withdrawals 403 Services revenue...cbaucco 623 Wages expense. 640 Rent expense 690 Utilities expense... n$18,500 8,480 6,400 9,820 25,600 5 1,600 7,800 56,300 . 1.480 25,280 5,000 4,300 1,400 $90,980 Total $90,980
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (8 reviews)
Revenues Service revenue Operating expenses Wages expense Rent expense WILDCAT OPTICIANS Net inco...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
Question Posted:
Students also viewed these Accounting questions
-
If you form a portfolio with 30% of your wealth in Stock X and 70% of your wealth in Stock Y, the portfolios standard deviation is: A. Less than or equal to 5% B. Is greater than 5% but less than or...
-
Using the trial balance given below, prepare an incomestatement. Credit Cash S 68,000 Accounts Receivable.. inventory 216,000 90,000 200,000 Building . Accounts Payable.S Loan Payable Capital Stock...
-
The statement of changes in equity for a corporation shows both how retained earnings and share capital have changed during the accounting period. True/False
-
Jansen, Inc., is a defense contractor that uses job costing. Because the firm uses a perpetual inventory system, the three supporting schedules to the income statement (the schedule of raw materials...
-
1. Research other expert systems in other domains and list a few of them. 2. Why is it important to evaluate the expert systems before they are put into use?
-
1. What is tension? 2. What does tension do to materials? 3. What is compression? 4. What does compression do to materials?
-
Consider a European Call option with strike \(K\) and time to expiration \(T\). Denote the price of the call for \(C(S, T)\) and let \(B(T)\) the price of one unit of a zero coupon bond maturing at...
-
On February 1, the Miro Company needs to purchase some office equipment. The company is presently short of cash and expects to be short for several months. The company treasurer has indicated that he...
-
Explain any weaknesses of Good to Great: Why Some Companies Make the Leap.. and Others Don't by Jim Collins and your recommendations for eliminating such weaknesses.
-
Healthwise Medical Supplies Company is located at 2400 Second Street, City, ST 12345. The company is a general partnership that uses the calendar year and accrual basis for both book and tax...
-
Using the trial balance prepared for Techno Wizards in Part 4 of Problem 2-6A, prepare an income statement and statement of changes in equity for the month ended May 31, 2014, and a balance sheet at...
-
Binbutti Engineering, a sole proprietorship, completed the following transactions during July 2014, the third month of operations: July 1 Bishr Binbutti, the owner, invested $300,000 cash, office...
-
Why is evaporation a cooling process?
-
Jerry purchased an annuity contract at the beginning of 2002 for $144,000. The contract specified that he and his wife would receive $1,000 per month for life. Jerry receives his first payment on...
-
Minimize the risk of material misstatement, auditors seek third- party verification of account balances by mailing customers their statements. Discuss the advantages of positive and negative...
-
Think about how gender roles affected the musical lives of Fanny Mendelssohn Hensel ?and Clara Wieck Schumann. How did these roles affect their careers (or lack thereof) in performance and...
-
ABC Company purchased office supplies on account during the month of April for $2,600. Payment for the supplies will be made in May. On April 1, the balance in the supplies account had a balance of...
-
Be prepared to discuss the idea of chamber music in the nineteenth century. What place does the piano trio occupy in the domestic and/or professional musical spheres of the nineteenth century? Why...
-
If the intended model type is linear (linear programming) but Solver gives an error message indicating that the model is not linear, what report in Analytic Solver can be useful to pinpoint where the...
-
Calculate the Lagrange polynomial P 2 (x) for the values (1.00) = 1.0000, (1.02) = 0.9888, (1.04) = 0.9784 of the gamma function [(24) in App. A3.1] and from it approximations of (1.01) and (1.03).
-
What information is reported in an income statement?
-
Why does the user of an income statement need to know the time period that it covers?
-
What information is reported in a balance sheet?
-
Suppose we have two spin-1/2 particles, with associated spin operators and 2. The simultaneous eigenstates of S1 and S2z are m, m2), which we can write as It. t), It), H), H). The spins interact with...
-
Directions: Read and answer the question below. The Assignment is due on February 6, before class. Your answers should be in paragraph form and in Arial, 11 point font. Your answer should be between...
-
In Lorenzo, the Supreme Court extended liability to those who disseminate false and misleading statements with the intent to defraud, even if they are not the "maker" of the statement under the...
Study smarter with the SolutionInn App