Example 1: The income statement of Y company is as follows: Income Statement For the Month Ended April 30, 2018 Revenue Repair Revenue 9,500 Expenses Salaries Expense 3,400 Depreciation Expense 500 Utilities Expense Insurance Expense 600 Supplies Expense 1.000 Total Expenses 6000 Net Income 3500 On April 1, the retained earnings account had a balance of 12,900. During April, the company paid $2,000 in dividends. 500 Instructions (b) Prepare closing entries at April 30, Post the closing entries to income summery. Compute the retained earnings statement at the end of April. (c) Example 2: The income statement for the year 2018 of Y Co. contains the following information: Revenues $70,000 $45,000 Expenses: Wages Expense Rent Expense Advertising Expense 12,000 6,000 6,000 2,500 2,000 73,500 Net Supplies Expense Utilities Expense Insurance Expense Total expenses income (loss) (d) Prepare closing entries at April 30. Post the closing entries to income summery. Compute the retained earnings statement at the end Apail. $(3,500) Owsified Sofia Finantsteement wedemed for X cup cover the errors made in 2019 1 Pred pences of 700 w debited and and th, both ico Act of de webtreth 500 add to The parts of a como el decreto 56700 nded to spalle A pancent of 5.4016 aantoe was dested to Accounts payable 100 an cnbited to an 180 5 The picture of applies on count for 380 w debuted to Equipe medited to accounts payable . A $500 val video delated to stages express od cedited to Ingible Avete durant have plesalce yet om een Goodwili, patres, copighi, tem.. e names Propeuty, Mant, And Fuppet weet with relatively log wives sus company cu ingin op de be. The guy called and wide landbruchy, che vehicles, fine di Le Tomluvtsas grillen wyshues stocks and book of other comes that we will heldur years Car Achat a company experts to the up within or operating which is long as tested in the line they we expected to be comited to enlaplex cal shots laetos scott receivables, interest and is de financial instappidespre coppies B A post of $5 fou advertising expet sed to livello Expected to end 575 The final payment is that foc 51850, tubaded $100 of salt payable on March 31 The payment was corded it to be an agenes $1650 and edit to oth STRO The pusse o scot of putte conting $310 secondes debetto sopplars and credit to seconuts payable for $310. 10 A cash payant of experience for 512 reddit Espent $1 to 2 The cost of the way section is with the form of buition in propietonlup, there in capital scout Inspectors, these capildomus fornacha patit Corporation dividir cut into two scout Shan Capital - Online unul Retained Fatig til Non clailties se olistic that compete to pay theory Tamples longum beach publ, bonde puat Provom defitum est Cras sechstions de company is to pay within the competing ydesde la bonge Common examples accomple, we parties puble, bloom payabile, incest payable, taxes peable, cu ochotunde old Example 4: The following items in thousands) are taken from the financial statements of X Company for the year ending December 31, 2013: Accounts payable 15.000 Accounts receivable 11,000 Accumulated depreciation-equipment 28,000 Advertising expense 21,000 Cash 8,000 Share capital-ordinary 42,000 Dividends 14,000 Depreciation expense 12,000 Equipment 207.000 Insurance expense 3,000 Note payable, due 6/30/14 70,000 Prepaid insurance (12-month policy) 6,000 Rent expense 15,000 Retained earnings (1/1/13) 60,000 Salaries expense 34,000 Service revenue 133,000 Supplies 8,000 Supplies expense 9,000 What are the total current assets at the end of 2013? What are the total current liabilities at the end of the 2013 What are the total noncurrent assets at the end of 20132 What is the Net income at the end of 2013 What is the balance of retained earnings at 2013 What is the total equity of the end of the period What is the book value of the equipment What is the total plant, property and equipment What is the total of liabilities and equity at 2013 1 2 3 4 5 6 7 8 Example 5: The following items are taken from the financial statements of Cerner Company for the year ending December 31, 2018: Accounts payable $18,000 Accounts receivable 11,000 Accumulated depreciation - equipment 28,000 Advertising expense 21,000 Cash 15,000 Cerner, Share Capital (1/1/18) 102,000 Cerner, Dividend 14,000 Depreciation expense 12,000 Insurance expense 3,000 Note payable, due 6/30/19 70,000 Prepaid insurance (12-month policy) 6,000 17,000 Salaries expense 32,000 Service revenue 133,000 Supplies 4,000 Supplies expense 6,000 Equipment 210,000 Rent expense What is the company's net income for the year ending December 31, 2018? What is the balance that would be reported for equity at December 31, 2018? What are total current assets at December 31, 2018? What is the book value of the equipment at December 31, 2018 What are total current liabilities at December 31, 2018? What are total non-current liabilities at December 31, 2018