Need assistance with my accounting work, please help if you can
AutoSave O OFF CORP-QUIZ Home Insert Draw Page Layout Formulas Data Review View ? Tell me Share Comments Calibri (Body) v 11 AA ab Wrap Text General Insert v EX AY- O. Ex Delete Paste BIUV V V A v Merge & Center Conditional Format Cell Sort & Find & Ideas Sensitivity Formatting as Table Styles Format Filter Select W8 fx G H J K L M N P Q R S T U V W X Z AA AB AC AD ASSETS LIABILITIES OWNER'S EQUITY INCREASE: DEBIT INCREASE: CREDIT INCREASE: CREDIT DECREASE: CREDIT DECREASE: DEBIT DECREASE: DEBIT TRANSACTIONS--ANALYZE EACH ONE AND INSERT THE ENTRIES IN THE T-ACCOUNTS. 101 CASH 201 ACCTS PAYABLE 301 COMMON STOCK A TRIAL BALANCE WILL BE GENERATED AUTOMATICALLY. Marlow Corporation issued 100,000 shares of $1.00 par common stock at par, receiving cash. (See footnote below) 2 The company purchased equipment costing $15,000, paying cash. 302 RET. EARNINGS 3 Operating Expenses were incurred in the amount of $74,000. 2 104 ACCTS RECEIV ABLE A total of $22,000 of the expenses were paid in cash; the rest, $52,000, 13 were on account. OPERATIONS 501 OPER. EXPENSES 401 SERVICE REVENUE The company earned service revenue in the amount of $112,000; a total of 16 $42,000 was receive in cash; the rest, $70,000, was on account. 17 110 EQUIPMENT 18 5 Depreciation was recorded on the equipment, $1,500. 19 20 509 DEPR. EXPENSE 6 Marlow calculates its income taxes at the rate of 25%. The income taxes 21 are paid in cash. This would be a good moment to prepare the 22 112 ACC. DEPR. EQUIP. income statement. 23 24 7 Use the following closing process: 25 510 INCOME TAX EXPENSE Service Revenue XXX 26 Operating Expenses XXX 27 Depreciation Expense XXX 28 Income Tax Expense XXX 29 Retained Earnings xxx 30 31 Marlow Corporation Check to make sure your revenues and expenses are at zero, your net 32 Income Statement income is in Retained Earnings, and that your trial balance is in balance. 33 DR CR For Year Ended 12/31/2021 Also, calculate your EPS on the income statement 34 101 CASH 35 104 ACCTS RECEIVABLE Total Revenue 8 Marlow declared and paid a $.10 dividend. Debit Retained Earnings 36 106 SUPPLIES Operating Expenses and credit cash. 37 110 EQUIPMENT Depreciation Expense 38 112 ACC. DEPR. EQUIP. Total Expenses 9 Create a balance sheet using the format shown below. 39 201 ACCTS PAYABLE Net Income Before Income Tax 40 301 COMMON STOCK Income Tax Expense 41 302 RET. EARNINGS Net Income 42 401 SERVICE REVENUE 45 CO1 ARED EVRERICEC STUDENT-INFO 1. MC 2. T-ACCTS + Enter + 100%AutoSave OFF CORP-QUIZ Q Home Insert Draw Page Layout Formulas Data Review View ? Tell me Share Comments Calibri (Body) v 11 AA ab Wrap Text v General Insert v Ex AY - O. x Delete v Paste BIUV DVAv E = Merge & Center v $ ~ % " Conditional Format Cell Sort & Find & Ideas Sensitivity Formatting as Table Styles Format v Filter Select 745 fx C E F G K L M N Q R S T U V W X Y Z AA AB AC AD 25 510 INCOME TAX EXPENSE Service Revenue XXX 26 Operating Expenses XXX 27 Depreciation Expense XXX 28 Income Tax Expense XXX 29 Retained Earnings XXX 30 31 Marlow Corporation Check to make sure your revenues and expenses are at zero, your net 32 Income Statement income is in Retained Earnings, and that your trial balance is in balance. 33 DR CR For Year Ended 12/31/2021 Also, calculate your EPS on the income statement. 34 101 CASH 35 104 ACCTS RECEIVABLE Total Revenue 8 Marlow declared and paid a $.10 dividend. Debit Retained Earnings 36 106 SUPPLIES Operating Expenses and credit cash. 37 110 EQUIPMENT Depreciation Expense 38 112 ACC. DEPR. EQUIP. Total Expenses 9 Create a balance sheet using the format shown below. 39 201 ACCTS PAYABLE Net Income Before Income Tax 40 301 COMMON STOCK ncome Tax Expense 41 302 RET. EARNINGS Net Income 42 401 SERVICE REVENUE 501 OPER. EXPENSES Earnings Per Share 44 503 ADVERT. EXPENSE 45 504 SALARY EXPENSE 46 509 DEPR. EXPENSE Marlow Corporation 47 510 INC. TAX EXPENSE Balance Sheet 48 TOTALS 0 12/31/21 49 In Balance? YES 50 Cash 51 Accts Receivable 52 Equipment 53 Accum. Depr. 54 Total Assets 55 56 Accts Payable 57 Total Liab. 58 59 Common Stock 60 Retained Earnings Total Stockholders' Equity Total Liab & Stockholders' Equity End of Quiz 67 D STUDENT-INFO 1. MC 2. T-ACCTS + Ready + 100%
