ACCOUNTING PRINCIPLES-W/WILEYPLUS
14th Edition
ISBN: 9781119707158
Author: Weygandt
Publisher: WILEY
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Prepare an income statement for the month of June and a balance sheet in account format for Safety
Hire as at 30 June 2019. (10 marks)
Selected accounts and related amounts for Kanpur Co. for the fiscal year ended June 30, 2019, are presented in Problem 6-5B.Instructions1. Prepare a single-step income statement in the format shown in Exhibit 12.2. Prepare closing entries as of June 30, 2019.
Assume you will start your business on the 1st of April 2021. Undertake market research and prepare a list of possible 20 business transactions relevant to a buss business that will happen during April. Please note these will then be put into a general journal.
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- The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.arrow_forwardPlanning Wizards, LLC is an event-planning company. Which of the following would be included in the current asset section of a classified balance sheet dated December 31, 2019? a. 15-month certificate of deposit b. Customer advances on New Year's parties c. Last month rent payment (lease expires in 2021) d. Investment in stocks, to be sold in 2020 e. Income tax refund receivable f. Inventory Select one: d, e, and f e and f a, b, c, e, and f a, b, c, d, e, and f b, e, farrow_forwardComprehensive On November 30, 2019. Davis Company had the following account balance. During the month of December, Davis entered into the following transactions: Required: a.Prepare generaljournal entries to record the preceding transactions. b.Post to general ledger T accoun c.Prepare a year-end trial balance on a worksheet and complete theworksheet using the following information: (a) accrued salaries at year-end total s1,200; (b) for simplicity, the building and equipment are being depreciated using the straight-line method over an estimated life of 20 yean with no residual value;(c) supplies on hand at the end of the year total $630; (d) bad debts expense for the year totals $830; and (e)the income tax rate is 30%; income taxes are payable in the first quarter of d.Prepare the companis financial statements for 2019. e.Prepare the 2019 (a) adjusting and (b) closing entries in the general journal.arrow_forward
- Prepare a Balance Sheet using the following information for the Ginger Company as of March 31, 2019. When listing accounts for each category, you are to insert them in the order in which they are listed here. If used, type in the account names exactly as written here. Account Normal Balances Accounts Payable $1,730 Cash $11,050 Ginger Ale, Capital March 1 $17,300 Inventory $8,230 Wages Payable $2,150 Sales $13,600 Product Expenses $8,200 Ginger Ale, Capital March 31 $22,700 Equipment $7,300 PLEASE NOTE: When you fill in the dollar amounts, you must include a $ and commas as needed (i.e., $1,234). Assets: Total Assets Liabilities: Total Liabilities Owner's Equity: Total Liabilities and Owner's Equityarrow_forwardPrepare an Income Statement using the following information for DL Enterprises for the month of July 2018. When listing accounts for each category, you are to use them in the order in which they are listed here. If used, type in the account names exactly as written here. Accounts Normal Balances Sales Revenue $62,500 Rental Revenue $15,300 Product Expense $52,200 Wages Expense $18,900 Owner Investment $12,000 Equipment Purchases $56,000 Utilities Expense $1,800 Taxes Expense $400arrow_forwardplease take below trial balance information for january 2020, conver it into financial statements. questions 1- make an income statement for this month 2- make a statement of equity for this month 3- make a balance sheet for this month 4- how many units and at what cost are in inventory to start the next month (february)?arrow_forward
- On July 31, 2020, the account balances of ABC Co. for the month are listed below. The capital of the owner was Rial 68,000 on July 1, 2020, the beginning of the month. The company was able to generate Rial 45,625 in Net Income for the month of July. Requirements: a. Present, in good form, (a) an income statement for July, (b) a statement of owner's equity , and (c) a balance sheet as of July 31.arrow_forwardThe following items were selected from among the transactions completed by Sherwood Co. during the current year:Required:1. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year. Round your answers to the nearest dollar.2. Journalize the adjusting entry for each of the following accrued expenses at the end of the current year (refer to the Chart of Accounts for exact wording of account titles):a. Product warranty cost, $29,000.b. Interest on the nine remaining notes owed to Greenwood Co. Assume a 360-day year.arrow_forwardIdentify the company’s Assets, Liabilities, Equity at the end of January 2019. Then, Calculate the net income (or net loss) for the month of January 2019.arrow_forward
- Marwan Ltd started trading on 1 December 2018 and prepared its first set of accounts to 31 March 2020. What will Marwan Ltd's accounting periods be for the period of account to 31 March 2020? OA4 months to 31 March 2019, 12 months to 31 March 2020. OR4 months to 5 April 2019, nearly 12 months to 31 March 2020. 12 months to 30 November 2019, 4 months to 31 March 2020. OD 16 months to 31 March 2020.arrow_forwardThe following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019: 1. Prepare a multiple-step income statement.2. Prepare a statement of owner’s equity.3. Prepare a balance sheet, assuming that the current portion of the note payable is$7,000.4. Briefly explain how multiple-step and single-step income statements differ.arrow_forwardYou are the accountant for Trumpet and Trombone Manufacturing, Inc. and you oversee the preparation of financial statements for the year just ended 6/30/2020. You have the following information from the companys general ledger and other financial reports (all balances are end-of-year except for those noted otherwise): Prepare the companys Statement of Retained Earningsarrow_forward
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