Income Statement Revenue Actual Budget Commerical Income $145,867.60 Contingency Income 130,361.00 $131,000.00 142,000.00 Total Revenue 1a:...

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Income Statement Revenue Actual Budget Commerical Income $145,867.60 Contingency Income 130,361.00 $131,000.00 142,000.00 Total Revenue 1a: 1b: SG&A Commissions 4,879.00 Payroll Wages 42,908.94 4,700.00 34,764.00 Payroll Tax 3,547.36 2,874.00 Total SG&A Expenses 1c: 1d: Operating Expenses Facility Expense 1,240.00 1,240.00 Office Expense 4,759.11 3,359.00 Marketing Expense 4,842.32 3,684.00 Bank Service Charges 574.20 500.00 Total Operating Expenses 1e: 1f: INCOME (LOSS) FROM OPERATIONS 1g: 1h: Depreciation (50.00) (200.00) Interest (50.00) (50.00) Other Income/ (Expense) 1i: 1j: NET INCOME / (LOSS) 1k: 11: Accounting Assessment (Assume an accrual basis accounting system according to US GAAP.) Task 1) Please complete the math for the blue cells on the left. Ok Task 2) The depreciation expense for the period is understated by $150. Please write a possible journal entry to correct this balance. Account Name Debit Credit Question 1) Why did the actual income statement results not meet the budget expectations? Question 1) This period the company purchased $2,022.00 worth of fixed assets. Which account on the income statement would be affected by this purchase? Income Statement Revenue Actual Budget Commerical Income $145,867.60 Contingency Income 130,361.00 $131,000.00 142,000.00 Total Revenue 1a: 1b: SG&A Commissions 4,879.00 Payroll Wages 42,908.94 4,700.00 34,764.00 Payroll Tax 3,547.36 2,874.00 Total SG&A Expenses 1c: 1d: Operating Expenses Facility Expense 1,240.00 1,240.00 Office Expense 4,759.11 3,359.00 Marketing Expense 4,842.32 3,684.00 Bank Service Charges 574.20 500.00 Total Operating Expenses 1e: 1f: INCOME (LOSS) FROM OPERATIONS 1g: 1h: Depreciation (50.00) (200.00) Interest (50.00) (50.00) Other Income/ (Expense) 1i: 1j: NET INCOME / (LOSS) 1k: 11: Accounting Assessment (Assume an accrual basis accounting system according to US GAAP.) Task 1) Please complete the math for the blue cells on the left. Ok Task 2) The depreciation expense for the period is understated by $150. Please write a possible journal entry to correct this balance. Account Name Debit Credit Question 1) Why did the actual income statement results not meet the budget expectations? Question 1) This period the company purchased $2,022.00 worth of fixed assets. Which account on the income statement would be affected by this purchase?

Answer rating: 100% (QA)

Based on the image provided here are the tasks and questions that need to be addressed Task 1 Complete the math for the blue cells on the left For the ... View the full answer