Revenue and Expense Recognition Aunt Bea's Catering Service provides catering service for special occasions. During 2013, Aunt Bea performed $228,500 of catering services and collected $218,200 of cash from customers. Salaries earned by Aunt Bea's employees during 2013 were $49,900. Aunt Bea paid employees $45,100 during 2013. Aunt Bea had $1,200 of supplies on hand at the beginning of the year and purchased an additional $12,640 of supplies during the year. Supplies on hand at the end of 2013 were $2,820. Other selling and administrative expenses incurred during 2013 were $10,800. Required: 1.  Calculate revenue for 2013.$ Calculate expenses for 2013.$   Hide     2.  Prepare the 2013 income statement. Aunt Bea's Catering Service Income Statement For the Year Ended December 31, 2013         $ Expenses:             $                                 $     3.  Conceptual Connection: Describe the accounting principles used to prepare the income statement. The input in the box below will not be automatically graded, but may be reviewed and considered by your instructor.

Bavarian Bar and Grill opened for business in November 2021. During its first two months of operation, the restaurant sold gift cards in various amounts totaling $7,600, mostly as Christmas presents. They are redeemable for meals within two years of the purchase date, although experience within the industry indicates that 90% of gift cards are redeemed within one year. Gift cards totaling $2,500 were presented for redemption during 2021 for meals having a total price of $2,900. The sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift cards) are purchased. Sales taxes will be remitted in January.Required:1. Prepare the appropriate journal entries (in summary form) for the gift cards and meals sold during 2021 (keeping in mind that, in actuality, each sale of a gift card or a meal would be recorded individually).2. Determine the liability for gift cards to be reported on the December 31, 2021, balance sheet.3. What is the appropriate classification (current or…

es Texas Roadhouse opened a new restaurant in October. During its first three months of operation, the restaurant sold gift cards in various amounts totaling $2,500. The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $728 were presented for redemption during the first three months of operation prior to year-end on December 31. The sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift cards) are purchased. Texas Roadhouse will remit sales taxes in January. Required: 1. & 2. Record (in summary form) the $2,500 in gift cards sold (keeping in mind that, in actuality, the company would record each sale of a gift card individually) and the $728 in gift cards redeemed. (Hint: The $728 includes a 4% sales tax of $28.) 3. Determine the balance in the Deferred Revenue account (remaining liability for gift cards) Texas Roadhouse will report on the December 31 balance sheet. Complete this question by entering your answers in the…

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need help with full working and steps thanks answer in text   Listed below are selected transactions of Solution Department Store for the current year ending December 31. a. On December 5, the store received $500 from the Jackson Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. b. During December, cash sales totaled $798,000, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. c. On December 10, the store purchased for cash three delivery trucks for $120,000. The trucks were purchased in a state that applies a 5% sales tax. d. The store determined it will cost $100,000 to restore the area (considered a land improvement) surrounding one of its store parking lots, when the store is closed in 2 years. Solution’s estimates the fair value of the obligation at December 31 is $84,000.     Required: Prepare all the journal entries necessary to record the…

Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2021, the company reports the following amounts:Cash                            $ 1,200                Service revenue            $67,700Equipment                    29,000                Cost of goods sold         53,400Accounts payable           4,400                (food expense)Delivery expense            2,600                 Buildings                        40,000Salaries expense             5,500                 Supplies                           3,400                                                                 Salaries payable                  800In addition, the company had common stock of $40,000 at the beginning of the year and issued an additional $4,000 during the year. The company also had retained earnings of $18,200 at the beginning of the year.Required: Prepare the income statement, statement of stockholders’ equity, and balance sheet for…

The following is the Room Department Statement of profit for  Calm Shore Hotel  for the year 31 December 2023.   Revenue                                                           $                   $                     $ Room Sales                                                                          800,000 Allowances                                                                                2,500 Net Revenue                                                                                              797,500 Expenses           Salaries & Wages                                   100,000           Employee Benefits                                   23,000                      Total Payroll & related expenses                       77,000           Other Expenses                      Commissions                        2,000                      Contract Cleaning                           5,000                      Laundry & Dry Cleaning                   6,500…