On December 1, 2023, Steve Moore organized a new company called Gulf Corp. On the last day of that month, the company's records showed the items listed below. Use this information to prepare the December income statement and statement of changes in equity as well as the balance sheet at December 31 for Gulf Corp.Advertising expense 108,500 Cash 34,500 Commissions earned 81,500 Consulting revenue earned 122000 Dividends 13000 Furniture 46500 Interest expense 15000 Interest payable 17500 Land 100500 Notes receivable 77500 Rent earned 42000 Share capital 134000 Short-term notes payable 72500 Utilities expense 74000 a) Complete the income statement using the format provided. b) Complete the statement of changes in equity using the format provided. c) Complete the Balance Sheet.

On December 1, 2023, Steve Moore organized a new company called Gulf Corp. On the last day of that month, the company's records showed the items listed below. Use this information to prepare the December income statement and statement of changes in equity as well as the balance sheet at December 31 for Gulf Corp.Advertising expense 108,500 Cash 34,500 Commissions earned 81,500 Consulting revenue earned 122000 Dividends 13000 Furniture 46500 Interest expense 15000 Interest payable 17500 Land 100500 Notes receivable 77500 Rent earned 42000 Share capital 134000 Short-term notes payable 72500 Utilities expense 74000 a) Complete the income statement using the format provided. b) Complete the statement of changes in equity using the format provided. c) Complete the Balance Sheet.

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Description: Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure On December 1, 2023, Steve Moore organized a new company called Gulf Corp.On the last day

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter4: Completing The Accounting Cycle

Section: Chapter Questions

Problem 7E: FedEx Corporation had the following revenue and expense account balances (in millions) for a recent...

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FedEx Corporation had the following revenue and expense account balances (in millions) for a recent year ending May 31: a.Prepare an income statement. b.Compare your income statement with the income statement that is available at the FedEx Corporation Web site, (http://investors.fedex.com). Click on Annual Report and Download Annual Report. What similarities and differences do you see?
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