On April 1, 2016, Maria Adams established Custom Realty Maria completed the following transactions during the month of April A Opened a business bank account with a deposit of $24,000 in exchange for common stock B Paid rent on office and equipment for the month, $3,600 C Paid automobile expenses (including rental charge) for month, $1,350, and miscellaneous expenses, $600 D Purchased office supplies on account, $1,200 E Earned sales commissions, receiving cash, $19,800 F Paid creditor on account, $750 G Paid office salaries, $2,500 H Paid dividends, $3,500 I Determined that the cost of supplies on hand was $300 therefore, the cost of supplies used was $900 I need help Apparently, I'm missing something or wrong calculations Thank you Shaded cells have feedback Income Statement 2 a Prepare an income statement for April 30 If a net loss has been incurred, enter that amount as a negative number using a minus sign Refer to the list of Labels, Accounts and Amount Descriptions for the exact wording of the answer choices for text entries Be sure to complete the statement heading You will not need to enter colons on the income statement Score 72 78 Custom Realty Income Statement For the Month Ended April 30, 2016 $191800 00 2 Expenses $1,350 00 3 Auto expense 600 00 4 Miscellaneous expense 3,600 00 5 Rent expense 2,500 00 6 Salaries expense 7 Supplies expense 900 00 8 Total expenses 8,950 00 $10,850 00 9 Net income R Points 16 62 18

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 07, 2024

On April 1, 2016, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April. A. Opened a business bank account

On April 1, 2016, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April.

A.	Opened a business bank account with a deposit of $24,000 in exchange for common stock.
B.	Paid rent on office and equipment for the month, $3,600.
C.	Paid automobile expenses (including rental charge) for month, $1,350, and miscellaneous expenses, $600.
D.	Purchased office supplies on account, $1,200.
E.	Earned sales commissions, receiving cash, $19,800.
F.	Paid creditor on account, $750.
G.	Paid office salaries, $2,500.
H.	Paid dividends, $3,500.
I.	Determined that the cost of supplies on hand was $300; therefore, the cost of supplies used was $900. I need help. Apparently, I'm missing something or wrong calculations. Thank you!!

Shaded cells have feedback Income Statement 2.a. Prepare an income statement for April 30. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Refer to the list of Labels, Accounts and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. You will not need to enter colons on the income statement Score: 72/78 Custom Realty Income Statement For the Month Ended April 30, 2016 $191800.00 2 Expenses: $1,350.00 3 Auto expense 600.00 4 Miscellaneous expense 3,600.00 5 Rent expense 2,500.00 6 Salaries expense 7 Supplies expense 900.00 8 Total expenses 8,950.00 $10,850.00 9 Net income R Points 16.62 18