Question

In: Accounting

Presented here are the accounts of Jesse Daniel Lawn Service for the year ended December 31,...

Presented here are the accounts of Jesse Daniel Lawn Service for the year ended December 31, 2017. The retained earnings account shows the $52,000 balance as of the end of 2016, which is the beginning balance for 2016.

Land $11,000

Common Stock 34,000

Notes Payable 38,000

Accounts Payable 10,000

Property Tax Expense 3,100

Accounts Receivable 1,600

Dividends 34,000

Advertising Expense 10,000

Rent Expense 8,000

Building 205,400

Salaries Expense 63,000

Cash 4,000

Salaries Payable 1,400

Equipment 14,000

Service Revenue 240,000

Insurance Expense 1,600

Office Supplies 13,000

Interest Expense 6,700

Retained Earnings, 12/31/16 52,000

1.	Prepare Jesse Daniel Lawn Service's income statement for the year ended 12/31/2017
2.	Prepare the statement of retained earnings for the year ended 12/31/2017
3.	Prepare the balance sheet as of 12/31/2017

Expert Solution

1.Prepare Jesse Daniel Lawn Service's income statement for the year ended 12/31/2017

REVENUE
Service revenue		240000
EXPENSES
Salaries expenses	(63000)
Property Tax Expense	(3100)
Insurance Expense	(1600)
Advertising Expense	(10000)
Rent expenses	(8000)
Interest expenses	(6700)	(92400)
Net Income		147600

2. Prepare the statement of retained earnings for the year ended 12/31/2017

Beginning retained earnings	52000
Add: Net income	147600
Less : Dividend	(34000)
Ending retained earning	165600

3. Prepare the balance sheet as of 12/31/2017

ASSETS
Current assets
Cash	4000
Account receivable	1600
Office supplies	13000	18600
Non current assets
Land	11000
Building	205400
Equipment	14000	230400

TOTAL ASSETS		249000

LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities
Account payable	10000
Salary payable	1400	11400
Long term liabilities
Notes payable	38000	38000
Total liabilities		49400
Stockholder's equity
Common stock	34000
Retained earnings	165600
Total stockholder's equity		199600
TOTAL LIABILTIES AND STOCKHOLDER'S EQUITY		249000

ekkarill92 answered 9 months ago

Presented here are the accounts of Hometown Decor Company for the year ended December 31, 2018....

Presented here are the accounts of Hometown Decor Company for the year ended December 31, 2018. Land $13,000, Notes Payable $33,000, Property Tax Expense $2,800, Dividends $36,000, Rent Expense $14,000, Salaries Expense $67,000, Salaries Payable $1,300, Service Revenue $225,000, Office Supplies $8,000, Retained Earnings, Dec. 31 2017 $56,000, Common Stock $28,000, Accounts Payable $14,000, Accounts Receivable $800, Advertising Expense $17,000, Building $170,400, Cash $2,800, Equipment, $17,000, Insurance Expense $1,700, Interest Expense $6,800. Requirement 1. Prepare Hometown Decor Company's income statement....

The December 31, Year 4, balance sheet for Rundle Corporation is presented here. These are the...

The December 31, Year 4, balance sheet for Rundle Corporation is presented here. These are the only accounts on Rundle’s balance sheet. Amounts indicated by question marks (?) can be calculated using the following additional information: RUNDLE CORPORATION Balance Sheet As of December 31, Year 4 Assets Cash $ 33,000 Accounts receivable (net) ? Inventory ? Property, plant, and equipment (net) 301,000 $ 420,000 Liabilities and Stockholders’ Equity Accounts payable (trade) $ ? Income taxes payable (current) 33,000 Long-term debt...

Presented here are liability items for Kingbird Inc. at December 31, 2022. Accounts payable $219,800 FICA...

Presented here are liability items for Kingbird Inc. at December 31, 2022. Accounts payable $219,800 FICA taxes payable $10,920 Notes payable (due May 1, 2023) 28,000 Interest payable 56,000 Bonds payable (due 2026) 1,260,000 Notes payable (due 2024) 112,000 Unearned rent revenue 336,000 Income taxes payable 4,900 Discount on bonds payable 57,400 Sales taxes payable 2,380 Prepare the liabilities section of Kingbird's balance sheet. KINGBIRD INC. Balance sheet (Partial) choose the accounting period ...

Presented below is income statement information of the Nebraska Corporation for the year ended December 31,...

Presented below is income statement information of the Nebraska Corporation for the year ended December 31, 2018. Sales Revenue 836,000 Cost of goods sold 445,000 Salaries expense 108,000 Insurance expense 38,000 Dividend revenue 4,800 Depreciation expense 36,000 Miscellaneous 30,000 Income tax expense 53,000 Loss on sale of investments 9,800 Rent expense 28,000 Required: Prepare the necessary closing entries at December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)...

Presented below is an income statement for Kinder Company for the year ended December 31, 2015....

Presented below is an income statement for Kinder Company for the year ended December 31, 2015. Kinder Company Income Statement For the Year Ended December 31, 2015 Net sales $850,000 Costs and expenses: Cost of goods sold 640,000 Selling, general, and administrative expenses 70,000 Other, net 20,000 730,000 Income before income taxes 120,000 Income taxes 36,000 Net income $ 84,000 Additional information: 1. "Selling, general, and administrative expenses" included a charge of $7,000 for impairment...

Presented below is income statement information of the Schefter Corporation for the year ended December 31,...

Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2018. Sales revenue $ 512,000 Salaries expense 82,800 Interest revenue 6,800 Advertising expense 11,500 Gain on sale of investments 9,200 Cost of goods sold 281,600 Insurance expense 14,300 Interest expense 3,900 Income tax expense 41,000 Depreciation expense 24,000 Required: Prepare the necessary closing entries at December 31, 2018

The following information is available for Elwes Company for the year ended December 31, 2017: Accounts...

The following information is available for Elwes Company for the year ended December 31, 2017: Accounts payable $ 3,800 Accumulated depreciation-equipment 4,000 Common stock 5,000 Retain earnings 4,300 Intangible assets 2,300 Notes payable (due in 5 years) 5,000 Accounts receivable 1,500 Cash 2,800 Short-term investments 1,000 Equipment 8,800 Long-term investments 5,700 Instructions Use the above information to prepare a classified balance sheet in good format for the year ended December 31, 2017.

After closing the revenue and expense accounts, the profit for the year ended December 31, 2021...

After closing the revenue and expense accounts, the profit for the year ended December 31, 2021 of the Mitt & Ryan partnership is $25,800. The partnership agreement specifies that profits and losses will be shared using the following formula. 1. Allocate profit by a 5% interest allowance on the partners’ beginning capital balances. 2. Allocate salary allowances of $18,582 to Mitt and $13,282 to Ryan. 3. Remaining profit (loss) is to be shared on a ratio of 8:5. At the...

The FOllowing information from the accounts of kesha Ltd for the year ended December 31, 2009...

The FOllowing information from the accounts of kesha Ltd for the year ended December 31, 2009 has been provided to you: Net icome................................2,090,000 Amortization of intangible assert.............120,000 Proceeds from issue of ord. share...........1,030,000 Increase in inventory...............................180,000 Sale of building at shs 100,000 gain........850,000 Increase in accounts payable...........150,000 Purchase of computer equipment........1,250,000 Payments of cash dividends..............240,000 Depreciation expense...................350,000 Increase in accounts receivable...........230,000 Payment of mortagage.................520,000 Decrease in short-term notes payable.......80,000 Sale of land at shs 50,000 loss............260,000 Purchase of delivery truck.................330,000...

The statement of cash flows for the year ended December 31, 2021, for Bronco Metals is presented below

The statement of cash flows for the year ended December 31, 2021, for Bronco Metals is presented below. Required:Prepare the statement of cash flows assuming that Bronco prepares its financial statements according to International Financial Reporting Standards. Where IFRS allows flexibility, use the classification used most often in IFRS financial statements.