Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Is my income statement correct? I am coming up to $1,000 short on the check figure. - o x Sam Youngblood 8 PrereqKnowledgeAssessment_Spring 20 -
Is my income statement correct? I am coming up to $1,000 short on the check figure.
- o x Sam Youngblood 8 PrereqKnowledgeAssessment_Spring 20 - Saved File Home Insert Draw Formulas Data Review View B I U 9 A A 3 al q $ 23 EF E AL 47 0 Sensitivity A G I J K L M N O P Q R S T B C D E F Green Thumb Corporation H NAME: beg beg Accounts Receivable 24,500 14,000 16,000 14,000 2,900 Prepaid Insurance 250 18,000 Cash 37,000 100,000 14,000 12,000 14,000 3,000.00 106,000.00 230,900 26,000 900 8,700 500 18,000 1,000 end 17,750 6.00 end end 15,400 14 Accum Depreciation 16 Equipment 88,000 26,000 beg Land 100,000 beg 7,000 beg 100,000 17 18 end (7,000) end end 114,000 Unearned Services Rev Salaries Payable Saga + Accounts Payable 4,500 beg 2.000 1 beg beg 1 1 509 3.000 General Journal 3.000 Income Stmt Instructions Trial Balance 11-30-19 T-Accounts Balance Sheet Stmt Retained Earnings 0 | 2:26 - o x Sam Youngblood 8 PrereqKnowledgeAssessment_Spring 20 - Saved File Home Insert Draw Formulas Data Review View B I U A A 3 albe 2: Es Al A9 0 B Sensitivity B C D E F G H I J K N O P Q R S S L M Salaries Payable Unearned Services Rev Accounts Payable 4,500 beg 2,000 1 1,500 3,000 3,000 6,500 end end (1,500) (3,000) Long Term Notes Payable 16,000 beg Common Stock 60,000 beg 100,000 1 Retained Earnings 97,200 beg 16,000 end 160,000 end 97,200 end Dividends Gain on Sale of Land 34 35 beg 36 beg 1 500 6,000 Service Revenue 165,000 beg 12,000 1 16,000 2 1,500 3 2,900 4 197,400 end 40 end 500 6,000 end 42 Legal Fees Expense beg Salaries Expense 82,000 8,700 beg beg Supplies Expense 1,400 900 2,000 1,000 3,000 + Instructions Trial Balance 11-30-19 General Journal T-Accounts Income Stmt Balance Sheet Stmt Retained Earnings @ 12:27 - o x Sam Youngblood 8 PrereqKnowledgeAssessment_Spring 20 - Saved File Home Insert Draw Formulas Data Review View B I U A A 3 ele q B 23 AL AL 47 0 Sensitivity 1 A B C D E F G H I J K L M N O P Q R S T 33 Dividends Gain on Sale of Land 35 beg 500 6,000 Service Revenue 165,000 beg 12,000 1 16.000 2 1,500 2,900 4 197,400 end 38 39 40 end 500 6,000 end 41 Legal Fees Expense 42 43 Supplies Expense 1,400 beg beg Screenshot now Screenshot taken Show in folder Salaries Expense 82,000 8,700 3,000 93,700 44 45 46 900 2,000 1,000 3,000 end 2,300 48 Depreciation Expense Insurance Expense 4,500 250 4,750 beg Utilities Expense 5,300 900 7,000 1 7,000 6,200 COPY TO CLIPBOARD Instructions Trial Balance 11-30-19 GeneralJournal T-Accounts Income Stmt Balance Sheet @ 12:27 - o x Sam Youngblood 8 PrereqKnowledgeAssessment_Spring 20 - Saved File Home Insert Draw Formulas Data Review View I U A A 3 E al q B 23 E AL 47 B Sensitivit B - fx B 197,400.00 6,000.00 203,400,00 - 9 Revenues 10 Service Revenue 11 Gain of sale on land 12 13 Total Revenues 14 15 16 Expenses 17 Depreciation Expense 18 Insurance Expense 19 Legal Fees Expense 20 Supplies Expense 21 Salaries Expense 22 Utilities Expense 7,000.00 4,750.00 3,000.00 2,300.00 93,700.00 6,200.00 116 950.00 GeneralJournal Instructions Trial Balance 11-30-19 T-Accounts Income Stmt Balance Sheet Stmt Retained Earnings @ 12:27 - o x Sam Youngblood 8 PrereqKnowledgeAssessment_Spring 20 - Saved File Home Insert Draw Formulas Data Review View I U D A A 3 3 al sq 123 Al Al 47 0 B Sensitivity B fx C D E F G H I J K 20 Supplies Expense 21 Salaries Expense 22 Utilities Expense B 2,300.00 93,700.00 6,200.00 Screenshot now Screenshot taken Show in folder 29 30 Total Expenses 116,950.00 31 Check Figure $ 87,450 32 Net Income 33 9 MB COPY TO CLIPBOARD + Instructions Trial Balance 11-30-19 GeneralJournal T-Accounts Income Stmt Balance Sheet 9 M @ 12:27Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started