Hello, I understand how to do this for Balance Sheets, but how about Income Statements? a. Received $10,300 cash for consulting services rendered.b. Issued 18 additional shares of common stock at a market price of $124 per share.c. Purchased $720 of office equipment, paying 25 percent in cash and owing the rest on a short-term note.d. Received $930 from clients for consulting services to be performed in the next year.e. Bought $550 of supplies on account.f. Incurred and paid $1,920 in utilities for the current year.g. Consulted for clients in the current year for fees totaling $1,700, due from clients in the next year.h. Received $3,260 from clients paying on their accounts.i. Incurred $6,290 in salaries in the current year, paying $5,420 and owing the rest (to be paid next year).j. Purchased $1,310 in short-term investments and paid $840 for insurance coverage beginning in the next fiscal year.k. Received $14 in interest revenue earned in the current year on short-term investments.Required:Prepare an unadjusted classified income statement for the current year ended December 31. (Ignore income taxes.)Note: Enter your answers in thousands, not in dollars.FREEMAN, INCORPORATEDIncome Statement (unadjusted)For the Year Ended December 31Operating revenues:Total operating revenuesOperating expenses:Total operating expensesOther item:$000

An income statement is a written statement that shows the company's total revenue generates from the…

Answered: a. Received $10,300 cash for consulting…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Hello, I understand how to do this for Balance Sheets, but how about Income Statements?

a. Received $10,300 cash for consulting services rendered.
b. Issued 18 additional shares of common stock at a market price of $124 per share.
c. Purchased $720 of office equipment, paying 25 percent in cash and owing the rest on a short-term note.
d. Received $930 from clients for consulting services to be performed in the next year.
e. Bought $550 of supplies on account.
f. Incurred and paid $1,920 in utilities for the current year.
g. Consulted for clients in the current year for fees totaling $1,700, due from clients in the next year.
h. Received $3,260 from clients paying on their accounts.
i. Incurred $6,290 in salaries in the current year, paying $5,420 and owing the rest (to be paid next year).
j. Purchased $1,310 in short-term investments and paid $840 for insurance coverage beginning in the next fiscal year.
k. Received $14 in interest revenue earned in the current year on short-term investments.
Required:
Prepare an unadjusted classified income statement for the current year ended December 31. (Ignore income taxes.)
Note: Enter your answers in thousands, not in dollars.
FREEMAN, INCORPORATED
Income Statement (unadjusted)
For the Year Ended December 31
Operating revenues:
Total operating revenues
Operating expenses:
Total operating expenses
Other item:
$
0
0
0

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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