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Check my work Home Realty, Incorporated, has been operating for three years and is owned by three investors. J. Doe owns 60 percent of the
Check my work Home Realty, Incorporated, has been operating for three years and is owned by three investors. J. Doe owns 60 percent of the total outstanding stock of 9,000 shares and is the managing executive in charge. On December 31, the following financial items for the entire year were determined: sales revenue, $176,000; salaries and wages expense, $99,000; interest expense, $6,500, advertising expenses, $9,125; and income tax expense, $18,700. Also during the year, the company declared and paid the owners dividends amounting to $14,000. Prepare the company's income statement. 1 Blue Spruce Architects incorporated as licensed architects on April 1, 2022. During the first month of the operation of the business, these events and transactions occurred: Apr. 1 Stockholdes invested $26,100 cash in exchange for common stock of the corporation Hired a secretary-receptionist at a salary of $544 per week, payable monthly. 2 Paid office rent for the month $1,305. Purchased architectural supplies on account from Burmingham Company $1,885. 10 Completed blueprints on a carport and billed client $2,755 for services. Received $1,015 cash advance from M. Jason to design a new home. Received $4,060 cash for services completed and delivered to S. Melvin. 30 Paid secretary-receptionist for the month $2,176. Paid $435 to Burmingham Company for accounts payable due. 3 11 20 30 Post to the ledger T-accounts. (Post entries in the order of journal entries presented in the question.) Cash 1 Accounts Receivable Supplies Accounts Payable . Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense 4 Rent Expense BLUE SPRUCE ARCHITECTS INC. Trial Balance Debit Credit $ $ $ $
Check my work Home Realty, Incorporated, has been operating for three years and is owned by three investors. J. Doe owns 60 percent of the total outstanding stock of 9,000 shares and is the managing executive in charge. On December 31, the following financial items for the entire year were determined: sales revenue, $176,000; salaries and wages expense, $99,000; interest expense, $6,500, advertising expenses, $9,125; and income tax expense, $18,700. Also during the year, the company declared and paid the owners dividends amounting to $14,000. Prepare the company's income statement.
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