Financial Accounting 8th Edition
8th Edition
ISBN: 9781119210818
Author: Kimmel, Weygandt, Kieso
Publisher: WILEY
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Question
Chapter 3, Problem 3.5E
To determine
Income statement:
This is the financial statement of a company which shows all the revenues earned and expenses incurred by the company over a period of time.
Statement of
This is an equity statement which shows the changes in the
Classified balance sheet:
This is the financial statement of a company which shows the grouping of similar assets and liabilities under subheadings.
To prepare: The income statement, statement of retained earnings and classified balance sheet of W Company.
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Prepare 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
$400
The following information was provided for Macy company. The purpose of presenting these account balances is for you to prepare an income statement for the year ended December 31, 2018. Use the functional presentation and provide a supporting schedule or notes to financial statements. Make also a narrative description highlighting the importance of the information embodied herein to the users of financial statements.
Sales 3,750,000Depreciation-store equipment 35,000Purchases 1,500,000Office salaries 75,000Direct Labor 475,000Depreciation-office equipment 20,000Indirect Labor 125,000Depreciation-machinery 30,000Superintendence…
·1. .. |· . 1
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Assets
Liabilities
Stockholders' Equity
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Nona Curry started her own consulting firm, Sage Hill Inc., on May 1, 2017. The following
transactions occurred during the month of May.
Expe
inse
May 1 Stockholders invested $17,325 cash in the business in exchange for common stock.
Serv
M
ay
9
ice
Reve
nue
Paid $693 for office rent for the month.
Purchased $578 of supplies on account.
M
ay
12
5 Paid $173 to advertise for the month in the County News.
Divid
9 Received $1,617 cash for services performed.
ends
12 Paid $231 cash dividend.
Serv
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ay
15
15 Performed $4,851 of services on account.
Lice
Reve
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17 Paid $2,888 for employee salaries.
20 Paid for the supplies purchased on account on May 3.
Sala
ries
and
Wage
23 Received a cash payment of $1,386 for services…
Chapter 3 Solutions
Financial Accounting 8th Edition
Ch. 3 - Prob. 1QCh. 3 - Can a business enter into a transaction that...Ch. 3 - Are the followingevents recorded in the accounting...Ch. 3 - Prob. 4QCh. 3 - Prob. 5QCh. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - Misty Reno, a beginning accounting student,...Ch. 3 - Prob. 9QCh. 3 - What is the normal balance for each of these...
Ch. 3 - Prob. 11QCh. 3 - Prob. 12QCh. 3 - Prob. 13QCh. 3 - Prob. 14QCh. 3 - Prob. 15QCh. 3 - (a) When entering a transaction in the journal,...Ch. 3 - (a) Should accounting transaction debits and...Ch. 3 - Journalize these accounting transactions. (a)...Ch. 3 - Prob. 19QCh. 3 - Prob. 20QCh. 3 - Prob. 21QCh. 3 - Prob. 22QCh. 3 - Prob. 3.1BECh. 3 - Prob. 3.2BECh. 3 - Prob. 3.3BECh. 3 - For each of the following accounts, indicate the...Ch. 3 - Prob. 3.5BECh. 3 - Prob. 3.6BECh. 3 - Prob. 3.7BECh. 3 - Tilton Corporation has the following transactions...Ch. 3 - Prob. 3.9BECh. 3 - Selected transactions for Montes Company are...Ch. 3 - Prob. 3.11BECh. 3 - Prob. 3.12BECh. 3 - Prob. 3.1DIECh. 3 - Prob. 3.2DIECh. 3 - Prob. 3.3DIECh. 3 - Prob. 3.4DIECh. 3 - Prob. 3.5DIECh. 3 - Prob. 3.1ECh. 3 - Prob. 3.2ECh. 3 - Prob. 3.3ECh. 3 - Prob. 3.4ECh. 3 - Prob. 3.5ECh. 3 - Prob. 3.6ECh. 3 - Prob. 3.7ECh. 3 - Prob. 3.8ECh. 3 - Prob. 3.9ECh. 3 - Prob. 3.10ECh. 3 - Prob. 3.11ECh. 3 - Prob. 3.12ECh. 3 - Prob. 3.13ECh. 3 - Prob. 3.14ECh. 3 - Prob. 3.15ECh. 3 - Prob. 3.16ECh. 3 - Prob. 3.17ECh. 3 - Prob. 3.18ECh. 3 - Prob. 3.19ECh. 3 - Prob. 3.20ECh. 3 - Prob. 3.21ECh. 3 - Prob. 3.22ECh. 3 - Prob. 3.1APCh. 3 - Prob. 3.2APCh. 3 - Prob. 3.3APCh. 3 - Prob. 3.4APCh. 3 - Prob. 3.5APCh. 3 - Prob. 3.6APCh. 3 - Prob. 3.7APCh. 3 - Prob. 3.8APCh. 3 - Prob. 3.9APCh. 3 - Prob. 3.10APCh. 3 - Prob. 3.11APCh. 3 - Prob. 3.1EYCTCh. 3 - Prob. 3.2EYCTCh. 3 - Prob. 3.3EYCTCh. 3 - Prob. 3.4EYCTCh. 3 - Prob. 3.6EYCTCh. 3 - Prob. 3.7EYCTCh. 3 - Prob. 3.8EYCTCh. 3 - Prob. 3.9EYCTCh. 3 - Prob. 3.11EYCTCh. 3 - Prob. 3.1IFRS
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