After its first month of operation, the following amounts were taken from the accounting records of Polaris
Question:
After its first month of operation, the following amounts were taken from the accounting records of Polaris Realty Inc. as of November 30, 2011.Prepare an income statement for the month ending November 30,2011.
Transcribed Image Text:
Capital stock Cash Dividends Interest expense Land Miscellaneous expense Notes payable Rent expense Retained earnings Salaries expense Sales commissions Utilities expense $ 35,000 $25,000 38,000 10,000 5,000 65,000 2,000 42,000 3,000 120,000 15,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (20 reviews)
Revenues Sales commissions Expenses POLARIS REALTY IN...View the full answer
Answered By
Susan Juma
I'm available and reachable 24/7. I have high experience in helping students with their assignments, proposals, and dissertations. Most importantly, I'm a professional accountant and I can handle all kinds of accounting and finance problems.
4.40+
15+ Reviews
45+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
The following amounts were taken from the accounting records of Lisko Services, Inc., as of December 31, 2007. Lisko Services began its operations on January 1, 2007. Capital stock ........... $...
-
The following amounts were taken from the accounting records of Rainbow Consulting Services, Inc., as of July 31, 2007. Rainbow Consulting Services began its operations on August 1, 2006. Capital...
-
The following amounts were taken from the accounting records of Padget Home Services, Inc., as of December 31, 20Y7. Padget Home Services began its operations on January 1, 20Y7.. Instructions 1....
-
A jet is traveling westward with the sun directly overhead (the jet is on a line between the sun and the center of the Earth). How fast must the jet fly in order to keep the sun directly overhead?...
-
Are manufacturing or purchasing lead times considered in the MPS and the MRP?
-
Suppose you are interested in buying a new Toyota Corolla. You are standing on the sales lot looking at a model with different options. The list price is on the vehicle. As a salesperson approaches,...
-
Your gross earnings last year were \($33,435\), and your taxable interest income was \($486\). You also earned \($3,766\) on freelance projects, on which you have not paid any income tax. Last year,...
-
Multiple-choice questions: a. Which of the following statements is incorrect? 1. Ratios are fractions expressed in percent or times per year. 2. A ratio can be computed from any pair of numbers. 3. A...
-
Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Direct materials (plastic) Variable manufacturing overhead...
-
1. Differentiate between expendable and untouchable shopping. Why is this distinction important to retailers? 2. As an independent jewelry retailer, what could you learn from Table 1? How should you...
-
Financial information related to Kate's Interiors for May and June of 2011 is as follows: a. Prepare balance sheets for Kate's Interiors as of May 31 and June 30, 2011.b. Determine the amount of net...
-
Using the financial data shown in Exercise 2-17 for Polaris Realty Inc., prepare a retained earnings statement for the month ending November 30, 2011.
-
At the time of his death on July 9, 2016, Aiden was involved in the following real estate. Fair Market Value (on July 9, 2016) Apartment building ..................... $2,100,000 Tree farm...
-
Vertex databases are one type of database that have recently become popular with artificial intelligence and large language models (LLMs). Pick a vector database implementation (e.g. Amazon...
-
1. What is a transaction 2. What are the transaction properties 3. Suppose your database system has failed. Describe the database recovery process and the use of deferred-write and write-through...
-
Analyze the application of a database in the desktop environment used in the health care industry. please provide references and examples
-
Consider the following scenario analysis: Scenario Recession Normal economy Boom Rate of Return Probability 0.2 Stocks Bonds 0.5 0.3 12 com -5% 18 23 11 17% 4 Assume a portfolio with weights of 0.60...
-
(1 point) Suppose that a single die with 7 sides (numbered 1, 2, 3, ..., 7) is rolled twice. What is the probability that the sum of the two rolls equals 6? Answer = Preview My Answers Submit Answers
-
We studied the case of the lifting flow over a circular cylinder. In real life, a rotating cylinder in a flow will produce lift; such real flow fields are shown in the photographs in Figure 3.34b and...
-
Refrigerant-134a enters an adiabatic compressor as saturated vapor at 120 kPa at a rate of 0.3 m3/min and exits at 1-MPa pressure. If the isentropic efficiency of the compressor is 80 percent,...
-
Will a balloon filled with the given gas rise in the air or drop to the ground? (Assume the mass of the balloon is negligible and the density of air is 1.29 g/L.) (a) Helium (d = 0.178 g/L) (b) Argon...
-
When a corporation issues stock at a premium, is the premium income? Explain.
-
What is the primary purpose of a stock split?
-
Name and describe the four cost flow methods discussed in this chapter.
-
Question 8 of 9 (b) Prepare a schedule of the debt reduction and interest expense for the years 2023 through 2026. (Do not leave any answer field blank. Enter O for amounts.) Date Cash Interest...
-
Jazz music A) Blends aspects of improvisation and composition B Uses improvisation but not composition C) Uses composition but not improvisation D Uses neither improvisation nor composition
-
4 7 . On July 4 , 2 0 2 1 , Bonita Mining Company purchased the mineral rights to a granite deposit for $ 1 5 5 0 0 0 0 . It is estimated that the recoverable granite will be 4 0 0 0 0 0 tons. During...
Study smarter with the SolutionInn App