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I need this statement of Income done please :) Here are everything you need to complete the above statement: Here I will add some of
I need this statement of Income done please :)
Here are everything you need to complete the above statement:
Here I will add some of the options available for the drop-down options:
And here i will add all the possible account titles:
(d1) Prepare a statement of income for the year. SHERIDAN LODGE LTD. Statement of Income Year Ended May 31, 2021 $ $ The following is the unadjusted trial balance for Sheridan Lodge Ltd. at its year end, May 31, 2021 The company adjusts its accounts monthly. Debit Credit Cash $5.799 Accounts receivable 12.840 Supplies 4,600 Prepaid insurance 4,250 Land 115.970 Buildings 174,000 Accumulated depreciation-building $ 22.700 Furniture 30.600 Accumulated depreciation-furniture 21.100 Accounts payable 8,270 Deferred revenue 17,500 Mortgage payable, due 2024 126,000 Common shares 50.000 Retained earnings 38.180 Dividends declared 1,880 Rent income 227,219 Salaries expense 101,790 Utilities expense 22.300 Depreciation expense 12.910 Interest expense 9.670 Insurance expense 5.950 Advertising expense 1,040 Income tax expense 7.370 $510.969 $510.969 1. 2. 3. 5. Additional information: An annual insurance policy was purchased for the first time on October 1, 2020, for $10.200 cash. A count of supplies shows $1,248 of supplies on hand on May 31. The buildings have an estimated useful life of 20 years and straight-line depreciation is applied. The furniture has an estimated useful life of five years and straight-line depreciation is applied. Customers must pay a $100 deposit if they want to book a room in advance during the peak period. An analysis of these bookings indicates that 175 deposits were received and credited to Deferred Revenue. By May 31, 25 of the deposits were earned. On May 25, a local business contracted with Sheridan Lodge to rent one of its housekeeping units for four months. Starting June 1, at a rate of $2,654 per month. An advance payment equal to one month's rent was paid on May 25 and credited to Rent Income On May 31, Sheridan Lodge has earned $1,623 of rent income from customers who are currently staying at the lodge. The customers will pay the amount owing only when they check out in early June Salaries of $1,620 are unpaid at May 31. Interest on the mortgage payable is $735 for the month of May and due June 1. The May utility bill of $2,090 has not yet been recorded or paid. Additional income tax is estimated to be $1,100. 6. 7. 8. 9. 10. 11. Statement of Income Year Ended May 31, 2021 $ Net Income Net sales Other revenues and gains Gross profit Other expenses and losses Total revenues Loss Income before Income tax Net Purchases Expenses Income from operations Revenues Accounts Payable Interest Payable Accounts Receivable Interest Receivable Land Mortgage Payable Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Furniture Accumulated Depreciation - Vehicles Advertising Expense Bank Loan Payable Bank Loan Receivable No Entry Notes Receivable Office Expense Prepaid Advertising Buildings Cash Common Shares Deferred Revenue Depreciation Expense Dividends Declared Equipment Fees Earned Prepaid Cleaning Prepaid Insurance Prepaid Rent Prepaid Services Professional Fees Expense Rent Expense Rent Income Rent Payable Repairs and Maintenance Expense Retained Earnings Salaries Expense Salaries Payable Service Revenue Sponsorship Revenue Subscription Revenue Furniture Income Summary Income Tax Expense Income Tax Payable Income Tax Receivable Insurance Expense Insurance Revenue Interest Expense Interest Income Interest Payable Interest Receivable Supplies Supplies Expense Ticket Revenue Utilities Expense Land Vehicles Mortgage PayableStep by Step Solution
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