Presented here are the accounts of Pembroke Bookkeeping Company for the year ended December 31, 2018: Requirements
Question:
Presented here are the accounts of Pembroke Bookkeeping Company for the year ended December 31, 2018:
Requirements
1. Prepare Pembroke Bookkeeping Company's income statement.
2. Prepare the statement of retained earnings.
3. Prepare the balance sheet.
Transcribed Image Text:
$ 29,000 $ 10,000 Common Stock Land Notes Payable 31,000 Accounts Payable 7,000 Property Tax Expense 3,100 Accounts Receivable 1,200 Dividends 28,000 Advertising Expense 12,000 7,000 Building 147,400 Rent Expense Salaries Expense 64,000 Cash 2,800 Salaries Payable 800 Equipment 15,000 Service Revenue 192,000 Insurance Expense 1,700 Office Supplies 12,000 Interest Expense 6,600 Retained Earnings, Dec. 31, 2017 51,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 53% (13 reviews)
Requirement 1 PEMBROKE BOOKKEEPING COMPANY Income Statement Year Ended December 31 2018 Revenues Ser...View the full answer
Answered By
Muhammad Umair
I have done job as Embedded System Engineer for just four months but after it i have decided to open my own lab and to work on projects that i can launch my own product in market. I work on different softwares like Proteus, Mikroc to program Embedded Systems. My basic work is on Embedded Systems. I have skills in Autocad, Proteus, C++, C programming and i love to share these skills to other to enhance my knowledge too.
3.50+
1+ Reviews
10+ Question Solved
Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
Question Posted:
Students also viewed these Financial Accounting questions
-
Presented here are the accounts of Gate City Answering Service Corporation for the year ended December 31, 2012. Requirements 1. Prepare Gate City Answering Service Corporations income statement. 2....
-
Presented here are the accounts of Quick and EZ Delivery Corporation for the year ended December 31, 2012. Requirements 1. Prepare Quick and EZ Delivery Corporations income statement. 2. Prepare the...
-
Presented here are the accounts of Hometown Décor Company for the year ended December 31, 2018. Requirements 1. Prepare Hometown Décor Company's income statement. 2. Prepare the...
-
A Xerox machine in a shop is operated by a person who does other jobs too. The average service time for a job is 6 minutes per customer. On an average, in every 12 minutes one customer arrives for...
-
Suppose the emf of the battery in the circuit shown in Figure varies with time t so that the current is given by i (t) = 3.0 + 5.0t, where i is in amperes and t is in seconds. The R = 4.0 and L = 6.0...
-
Essence of Skunk Fragrances, Ltd., sells 8,200 units of its perfume collection each year at a price per unit of $430. All sales are on credit with terms of 1y10, net 40. The discount is taken by 60...
-
Why are Japanese companies among the largest in the world?
-
KFS has two divisions. Both have current sales of $1,000, current expected growth of 5%, and a WACC of 10%. Division A has high profitability (OP = 6%) but high capital requirements (CR = 78%)....
-
On January 1, Year 2, Cat Corporation purchased common shares of Mouse Limited for $1,900,000. On this date, the net assets of Mouse had a book value of $5,550,000. At acquisition, the identifiable...
-
The Doral Company manufactures and sells pens. Present sales output is 5,000,000 units per year at a selling price of $0.60 per unit. Fixed costs are $1,080,000 per year. Variable costs are $0.36 per...
-
Cosmo Thomas started a new business, Thomas Gymnastics, and completed the following transactions during December: Dec. 1 Received $19,000 cash from Thomas in exchange for common stock. 2 Received...
-
Pretty Pictures works weddings and prom-type parties. The balance of Retained Earnings was $20,000 at December 31, 2017. At December 31, 2018, the business's accounting records show these balances:...
-
What are the monopolistic and the competitive elements of monopolistic competition?
-
if $9,000 per quarter is invested in an account that earns a nominal annual interest rate of 10% compounded monthly, how much money will be in the account at the end of 5 years? The account will have...
-
The stockholders of DEF Corporation are siblings. One of the siblings offered for sale his shareholdings to a non-stockholder of record. Can the siblings prevent the selling stockholder of the sale...
-
1. Calculate the species richness from quadrats of the two sites (2 marks) 2. Calculate the species diversity from quadrats of the two sites using Simpson's Index of Diversity (2 marks) 3. Calculate...
-
4. Fill out the following table, evaluating the value of each expression and identifying the data type the value is most likely to be: Expression 5 Given True a 1 + 2 * 3 a and False a or False a+b a...
-
Quality foods ltd. wants to arrange an overdraft facility from month August to October 2018. During this time period, them will manufacture most of its products for stock. Required: a cash budget for...
-
HH Electric reports the following information. a. Compute the time charge per hour of direct labor. b. Compute the materials markup percentage. c. What price should the company quote for a job...
-
Before the 1973 oil embargo and subsequent increases in the price of crude oil, gasoline usage in the United States had grown at a seasonally adjusted rate of 0.57 percent per month, with a standard...
-
Assume that Marcy Jones is a marketing director in Metro Mobility's head office in Toronto. During 2015 she worked for the company all year at a $6,500 monthly salary. She also earned a year-end...
-
Assume that payroll records of a branch of Indigo Books provided the following information for the weekly pay period ended December 18, 2015: Lucy Bourdon and Maurice Lamont work in the office, and...
-
The following information about the payroll for the week ended April 27, 2015, was obtained from the records of St. Lawrence Construction of Ontario. Assume that this is a standard week and does not...
-
Fraser Corporation declares a cash dividend to common shareholders. How does this transaction impact the accounting equation: Assets [Select] Liabilities [Select] and, Stockholders' Equity [Select]
-
Insert Design Layout References Mailings A- A- B abe X, X2 Account Titles Cash Accounts receivable Supplies Equipment Vehicles Accumulated depreciation Accounts payable Accrued wages payable Note...
-
Page 65 Q23 The following data show the year to date percent change (YTD % Change) for 30 stock market indexes from around the world.(MarketIndexes) a. What index has the largest positive YTD %...
Study smarter with the SolutionInn App