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Can you fill in the chart attached to the file so i can check my work. It is just an income statement thank you for
Can you fill in the chart attached to the file so i can check my work. It is just an income statement thank you for the help have a great day. The possible options for the boxes 1-17 are on the bottom of the page.
Income Statement LO1-1 During the summer between his junior and senior years, James Cook needed to earn suffic the coming academic year. Unable to obtain a job with a reasonable salary, he decided to tr care business for three months. After a survey of the market potential, James bought a used on June 1 for $1,220. On each door he painted "James Cook Lawn Service, Phone 471-448 spent $840 for mowers, trimmers, and tools. To acquire these items, he borrowed $2,620 ca a note payable promising to pay the $2,620 plus interest of $65 at the end of the three mon August 31). At the end of the summer, James realized that he had done a lot of work, and his bank a good. This fact prompted him to become concerned about how much profit the business ha A review of the check stubs showed the following: Bank deposits of collections from cust $13,300. The following checks had been written: gas, oil, and lubrication, $950; pickup repa mower repair, $140; miscellaneous supplies used, $210; helpers, $5,800; payroll taxes, $22 assistance in preparing payroll tax forms, $35; insurance, $235; telephone, $300; and $2,68 the note including interest (on August 31). A notebook kept in the pickup, plus some unpaid that customers still owed him $810 for lawn services rendered and that he owed $200 for ga (credit card charges). He estimated that the cost for use of the truck and the other equipme depreciation ) for three months amounted to $700. Required: 1 Prepare a quarterly income statement for James Cook Lawn Service for the months Jun . August 2014. Assume that the company will not be subject to income tax. JAMES COOK LAWN SERVICE Income Statement For the Three Months Ended August 31, 2014 Revenues 1 2 3 4 Total revenues $ $ $ $ $ Expenses 5 6 7 8 9 10 11 12 13 14 15 16 17 Total expenses Net income or Net Loss Options for box 1-17 are Accounts payable Accounts receivable Cash and cash equivalents Common stock Cost of goods sold Equipment Equipment use cost (depreciation) Gas, oil, and lubrication Helpers (wages) Income tax expense $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Income taxes payable Insurance Interest expense on note paid Interest payable Inventory of merchandise Investments Lawn service - cash Lawn service - credit Long-term debt Miscellaneous supplies used Note payable Payroll taxes Pickup repairs Preparation of payroll tax forms Rent expense Repair of mowers Retained earnings Salaries expense Salary payable TelephoneStep by Step Solution
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