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Hello, I need the charts filled in below to check my work. Please help. Thank you Income Statement LO1-1 During the summer between his junior
Hello, I need the charts filled in below to check my work. Please help. Thank you
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 Telephone Painter Corporation was organized by five individuals on January 1, 2013. At the end of Jan following monthly financial data are available: Total revenues Total expenses (excluding income taxes) Income tax expense (all unpaid as of January 31) Cash balance, January 31, 2013 Receivables from customers (all considered collectible) Merchandise inventory (by inventory count at cost) Payables to suppliers for merchandise purchased from them (will be paid during February 2013) Common stock (2,600 shares) $ 303,000 189,000 33,200 66,450 33,200 94,900 26,950 53,600 No dividends were declared or paid during 2013. PAINTER CORPORATION Income Statement For the Month of January 2013 Total revenues $ Less: Total expenses (excluding income tax) Pretax income Less: Income tax expense Net income PAINTER CORPORATION Balance Sheet $ At January 31, 2013 Assets Cash $ Receivables from customers Merchandise inventory Total assets $ Liabilities Payables to suppliers $ Income taxes payable Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ Net income for 2013 Net income for 2014 Dividends for 2013 Dividends for 2014 Total assets at the end of 2013 Total assets at the end of 2014 Common stock at the end of 2013 Common stock at the end of 2014 $ 31,300 43,300 14,000 17,200 140,000 251,000 110,000 110,000 Clint's Stonework Corporation was organized on January 1, 2013. For its first two years of operations, it reported the following: CLINT'S STONEWORK CORPORATION Statement of Stockholders' Equity For the Year Ended December 31, 2014 Common Stock Balance December 31, 2013 Add or Loss + Net income or net loss Add or Less Dividends Balance December 31, 2014 Retained EarningsStep by Step Solution
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