Prepare an income statement, a statement of changes in equity, and a statement of financial position...

Prepare an income statement, a statement of changes in equity, and a statement of financial position for Norman Rae Ltd., a service business, from the items listed below for the month of October, 2018:

...... Accounts payable............................................................................. $10,000

...... Accounts receivable......................................................................... 14,000

...... Cash................................................................................................. 10,000

...... Common shares............................................................................... 28,000

...... Dividends paid.................................................................................. 6,000

...... Income tax expense......................................................................... 4,500

...... Equipment........................................................................................ 30,000

...... Supplies............................................................................................ 2,800er.

...... Supplies expense............................................................................. 3,500

...... Rent expense................................................................................... 3,000

...... Retained earnings, October 1.......................................................... 15,000

...... Salaries expense.............................................................................. 7,000

...... Service revenue............................................................................... 28,500

...... Utilities expense............................................................................... 700

Expert Solution

ekkarill92 answered 2 years ago

Prepare an income statement for December 2020 and a classified statement of financial position at December...

Prepare an income statement for December 2020 and a classified statement of financial position at December 31, 2020. On December 1, 2020, Cambridge Printers had the account balances shown below. Debit Credit Cash £ 4,650 Accumulated Depreciation – Equipment £ 1,500 Accounts Receivable 3,900 Accounts Payable 3,000 Inventory 1,950 (3,000 x £0.65) Owner’s Capital 27,000 Equipment 21,000 £ 31,500 £ 31,500 The following transactions occurred during December. December 3: Purchased 4,000 units of inventory on account at a cost of...

Prepare an income statement, statement of changes in stockholders’ equity, balance sheet, and statement of cash flows for 2016.

The following transactions apply to Park Co. for 2016: 1. Received $50,000 cash from the issue of common stock. 2. Purchased inventory on account for $180,000. 3. Sold inventory for $250,000 cash that had cost $140,000. Sales tax was collected at the rate of 5 percent on the inventory sold. 4. Borrowed $50,000 from First State Bank on March 1, 2016. The note had a 7 percent interest rate and a one-year term to maturity. 5. Paid the accounts payable...

Prepare multiple step income statement and statement of changes in owner's equity for the month Jan-1...

Prepare multiple step income statement and statement of changes in owner's equity for the month Jan-1 The JW-Corp Received $120,000 from Investors in Exchange for 6,000 shares of Common Stock. Jan-2 JW-Corp Borrowed $150,000 from SCHWAB BANK and signed a Note Due in 24 months. Jan-3 JW Corp purchased Office Equipment worth $120,000 (5 year life), with a $40,000 Down payment of Cash and the remainder Due on account to Target-Corp within 9 Months. Jan-4 JW Corp purchased an Office...

Write an essay on why the four financial statements (statement of comprehensive income, financial position, changes...

Write an essay on why the four financial statements (statement of comprehensive income, financial position, changes in equity and cash flows) important to shareholders?

Prepare a multistep income statement, a statement of changes in stockholders’ equity, a balance sheet, and a statement of cash flows for year 2.

At the beginning of Year 2, the Redd Company had the following balances in its accounts:Cash$15,300Inventory5,500Land2,300Common stock12,000Retained earnings11,100During Year 2, the company experienced the following events:Purchased inventory that cost $11,500 on account from Ross Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $830 were paid in cash.Returned $600 of the inventory it had purchased from Ross Company because the inventory was damaged in transit. The seller agreed to pay the return freight cost.Paid...

There are 4 Basic Financial Statements: Income Statement, Balance Sheet, Statement of Changes in Stockholders/Owner’s Equity,...

There are 4 Basic Financial Statements: Income Statement, Balance Sheet, Statement of Changes in Stockholders/Owner’s Equity, and Statement of Cash Flows. The Statement of Cash Flows typically receives the least amount of attention in Accounting textbooks. Further, the news typically focuses on ‘Net Income’ and ‘Quarterly Earnings.’ Also, reference is also made to items on the Balance Sheet. For example, technology companies can be a risky investment because despite their high earnings, there may be very little in the way...

From the Income Statement, Balance Sheet, and Statement of Changes in Owners’ Equity, and Statement of...

From the Income Statement, Balance Sheet, and Statement of Changes in Owners’ Equity, and Statement of Cash flows for 2017 (you prepared in Tandy #1). Calculate (and show your work) for the following Earnings per Share (EPS) Dividends per share (DPS) Book Value per Share Net Operating Profit after Tax (NOPAT) EBIT (1 - Tax rate) Net Operating Working Capital (NOWC) Current assets – (Current liabilities – Notes Payable Net Plant and Equipment (NFA) Operating Capital (OC) NOWC + NFA Net Cash Flow (NCF)...

Describe the changes in: a. Statement of financial position b. Statement of profit and loss c....

Describe the changes in: a. Statement of financial position b. Statement of profit and loss c. Other comprehensive income d. Statement of cash flows in the following: (1) Cost of services (COGS) has been $1000 less (paid) owing to increased effeciencies (2) $500 has been paid off on a mortgage (Current) (3) Equipment for $6000 has been bought on account (4) Income had been $2000 higher owing to increased prices (Credit sales affected) (5) A bill for $600 delivery services...

Statement of profit or loss and comprehensive income and statement of changes in equity. Determine whether...

Statement of profit or loss and comprehensive income and statement of changes in equity. Determine whether the following transactions would appear in the statement of profit or loss and other comprehensive income. If so explain how they would be disclosed. (a)A gain on foreign currency translation of $83 000. (b)As a result of a fall in share prices in a recession, directors decided to write down the value of the company’s investment, Shares in Pluto Ltd, by $80 000. (c)...

prepare the financial statements of the Company: A) Statement of Comprehensive Income B) Statement of Financial...

prepare the financial statements of the Company: A) Statement of Comprehensive Income B) Statement of Financial Position C) Statement of Changes in Owner's Equity Accounts Payable 63,200.00 Accounts Receivable 74,100.00 Accrued Expenses 20,300.00 Accrued Income 5,000.00 Accumulated Depreciation - Equipment 20,000.00 Accumulated Depreciation - Furniture 10,000.00 Bonds Payable 1,500,000.00 Capital 517,685.00 Cash in Bank 280,000.00 Cash on Hand 35,000.00 Depreciation Expense - Furniture 500.00 Depreciation Expense - Equipment ...

Question