Question
Equipment 42.000 Capital 41,000 Accounts payable 12.000 Interest income 3.000 Salaries and wages expense 40,000 Other expenses 51.000 Supplies 22,000 Prepaid expenses 2,000 Income taxes
Equipment 42.000
Capital 41,000
Accounts payable
12.000
Interest income
3.000
Salaries and wages expense
40,000
Other expenses
51.000
Supplies
22,000
Prepaid expenses
2,000
Income taxes payable
5,000
Income taxes expense
18,000
Notes payable
20.000
Net income
Read the information for Taryn Corporation.
Determine the following amounts for Taryn
Corp.
- Total assets at the end of 2022 (2 points)
- Total liabilities at the end of 2022 (2 points)
- Net income at the end of 2022 (2 points)
- Prepare an Income Statement for the business using the following heading. You are advised to use a table format so that numbers and accounts remain aligned. (3 points)
Taryn
Company
Income
Statement
Year Ended
December 31, 2022
e- Prepare a Balance Sheet for the business using the following heading. You are advised to use a table format so that numbers and accounts remain aligned. (3 points)
Taryn
Company
Balance Sheet
On
December 31, 2022
Equipment 42.000
Capital 41,000
Accounts payable
12.000
Interest income
3.000
Salaries and wages expense
40,000
Other expenses
51.000
Supplies
22,000
Prepaid expenses
2,000
Income taxes payable
5,000
Income taxes expense
18,000
Notes payable
20.000
Net income
Read the information for Taryn Corporation.
Determine the following amounts for Taryn
Corp.
- Total assets at the end of 2022 (2 points)
- Total liabilities at the end of 2022 (2 points)
- Net income at the end of 2022 (2 points)
- Prepare an Income Statement for the business using the following heading. You are advised to use a table format so that numbers and accounts remain aligned. (3 points)
Taryn
Company
Income
Statement
Year Ended
December 31, 2022
e- Prepare a Balance Sheet for the business using the following heading. You are advised to use a table format so that numbers and accounts remain aligned. (3 points)
Taryn
Company
Balance Sheet
On
December 31, 2022
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