Question

In: Accounting

Exercise: 2 The adjusted trial balance of Ahmed Company on December 31, 2017 includes the following...

Exercise: 2 The adjusted trial balance of Ahmed Company on December 31, 2017 includes the following accounts: Accumulated Depreciation, $6,000; Depreciation Expense, $2,000; Note Payable $7,500; Interest Expense $150; Utilities Expense, $300; Rent Expense, $500; Service Revenue, $19,600; Salaries Expense, $4,000; Supplies, $200; Supplies Expense, $1,200; Wages Payable, $600. Required: Prepare an income statement for the month of December.

Solutions

Expert Solution

Income Statement for the month ended December
Amount($)
Revenue                                                          19,600
Less: Operating Expenses
Rent Expense                                             500
Utilities Expense                                        300
Supplies Expense                          1,200
Depreciation Expense                           2,000
Salaries Expense                                    4,000
Total operating Expenses                               8,000
Operating profit                                             11,600
Interest Expense                                                  150
Net Operating Income                                    11,450

ekkarill92 answered 8 months ago
Next > < Previous

Related Solutions

The adjusted trial balance of Jesper Company at December 31, 2008 includes the following accounts: L....
The adjusted trial balance of Jesper Company at December 31, 2008 includes the following accounts: L. Jesper, Capital $12600; L. Jesper, Drawing $6000; Service revenue $35000; Salaries expense $13000; Insurance expense $2000; Rent expense $3500; Supplies Expense $500; and Depreciation Expense $1000. Prepare an owner's equity statement for the year.
The following is the Easton Company adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31,...
The following is the Easton Company adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $88,665 Accounts Receivable 232,400 Supplies 17,000 Equipment 395,000 Accumulated Depreciation $224,260 Accounts Payable 72,555 Capital Stock 220,000 Retained Earnings 127,145 Service Revenue 881,105 Interest Income 5,500 Dividends 9,000 Rent Expense 59,500 Wages Expense 529,000 Supplies Expense 42,000 Utilities Expense 8,000 Depreciation Expense 150,000 ________ Totals $1,530,565 $1,530,565 Use this information to prepare the Single-Step Income Statement for the...
The following is the Frederick Company's adjusted Trial Balance. Frederick Company Adjusted Trial Balance December 31,...
The following is the Frederick Company's adjusted Trial Balance. Frederick Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $85,150 Accounts Receivable 229,140 Supplies 16,955 Equipment 395,285 Accumulated Depreciation $221,260 Accounts Payable 74,235 Capital Stock 220,000 Retained Earnings 101,145 Service Revenue 893,105 Interest Income 1,500 Dividends 2,000 Rent Expense 58,500 Wages Expense 527,260 Supplies Expense 42,520 Utilities Expense 8,595 Depreciation Expense 145,840 ________      Totals $1,522,565 $1,522,565 Use this information to prepare the Balance Sheet for the fiscal...
The following is the Frederick Company's adjusted Trial Balance. Frederick Company Adjusted Trial Balance December 31,...
The following is the Frederick Company's adjusted Trial Balance. Frederick Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $85,150 Accounts Receivable 229,140 Supplies 16,955 Equipment 395,285 Accumulated Depreciation $221,260 Accounts Payable 74,235 Capital Stock 220,000 Retained Earnings 101,145 Service Revenue 893,105 Interest Income 1,500 Dividends 2,000 Rent Expense 58,500 Wages Expense 527,260 Supplies Expense 42,520 Utilities Expense 8,595 Depreciation Expense 145,840 ________ Totals $1,522,565 $1,522,565 Use this information to prepare the Balance Sheet for the fiscal...
The following is the Easton Company's adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31,...
The following is the Easton Company's adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $88,665 Accounts Receivable 232,000 Supplies 17,000 Equipment 395,000 Accumulated Depreciation $224,260 Accounts Payable 72,555 Capital Stock 220,000 Retained Earnings 127,145 Service Revenue 877,105 Interest Income 5,500 Dividends 7,000 Rent Expense 59,900 Wages Expense 529,000 Supplies Expense 40,000 Utilities Expense 8,000 Depreciation Expense 150,000 ________      Totals $1,526,565 $1,526,565 Use this information to prepare the Balance Sheet for the fiscal...
The following is the Easton Company's adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31,...
The following is the Easton Company's adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $88,665 Accounts Receivable 232,000 Supplies 17,000 Equipment 395,000 Accumulated Depreciation $224,260 Accounts Payable 72,555 Capital Stock 220,000 Retained Earnings 127,145 Service Revenue 877,105 Interest Income 5,500 Dividends 7,000 Rent Expense 59,900 Wages Expense 529,000 Supplies Expense 40,000 Utilities Expense 8,000 Depreciation Expense 150,000 ________ Totals $1,526,565 $1,526,565 Use this information to prepare the Balance Sheet for the fiscal...
The following is the Easton Company's adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31,...
The following is the Easton Company's adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $88,665 Accounts Receivable 232,000 Supplies 17,000 Equipment 395,000 Accumulated Depreciation $224,260 Accounts Payable 72,555 Capital Stock 220,000 Retained Earnings 127,145 Service Revenue 877,105 Interest Income 5,500 Dividends 7,000 Rent Expense 59,900 Wages Expense 529,000 Supplies Expense 40,000 Utilities Expense 8,000 Depreciation Expense 150,000 ________ Totals $1,526,565 $1,526,565 Use this information to prepare the Balance Sheet for the fiscal...
Answer separately: 1. The adjusted trial balance of Miller Company at December 31, 2020, includes the...
Answer separately: 1. The adjusted trial balance of Miller Company at December 31, 2020, includes the following accounts: Owner’s Capital $16,400, Owner’s Drawings $7,000, Service Revenue $39,000, Salaries and Wages Expense $16,000, Insurance Expense $2,000, Rent Expense $4,000, Supplies Expense $1,500, and Depreciation Expense $1,300. Prepare an income statement for the year. 2. Partial adjusted trial balance data for Miller Company is presented in the previous exercise. The balance in Owner’s Capital is the balance as of January 1. Prepare...
The adjusted trial balance of Karise Repairs on December 31, 2017, follows.
  The adjusted trial balance of Karise Repairs on December 31, 2017, follows. KARISE REPAIRSAdjusted Trial BalanceDecember 31, 2017 No. Account Title Debit   Credit 101 Cash $ 113,000           124 Office supplies   1,800           128 Prepaid insurance   2,850           167 Equipment   54,000           168 Accumulated depreciation—Equipment         $ 5,400   201 Accounts payable        ...
The adjusted trial balance for Cowboy Company follows: Cowboy Company Adjusted Trial Balance December 31, 2019...
The adjusted trial balance for Cowboy Company follows: Cowboy Company Adjusted Trial Balance December 31, 2019 ACCOUNT NAME DEBIT CREDIT Cash       101,100 Accounts Receivable           5,000 Prepaid Rent           2,200 Building       120,000 Accumulated Depreciation - Building         80,000 Accounts Payable           3,000 Salaries Payable           5,600 Interest Payable           4,500 Unearned Revenue           9,500 Notes Payable         50,000 Cowboy, Capital         70,000 Cowboy, Withdrawals         30,000 Fees Earned       115,000 Wages Expense         40,000 Rent Expense         26,400...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT