Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The December 31, 2024, account balances for Coyote Corporation are presented below. The balances have already been appropriately adjusted. Accounts Balance Cash $18,000 Accounts Receivable

The December 31, 2024, account balances for Coyote Corporation are presented below. The balances have already been appropriately adjusted.

Accounts Balance
Cash $18,000
Accounts Receivable 180,000
Prepaid Rent 6,000
Supplies 36,000
Land 295,000
Accounts Payable 18,000
Salaries Payable 17,000
Interest Payable 5,000
Notes Payable (due in two years) 46,000
Common Stock 330,000
Retained Earnings 72,000
Service Revenue 530,000
Salaries Expense 406,000
Rent Expense 26,000
Utilities Expense 46,000
Interest Expense 5,000

Required:

Prepare an income statement for the year ended December 31, 2024.

Prepare a statement of stockholders' equity for the year ended December 31, 2024, assuming no common stock was issued during 2024.

Prepare a classified balance sheet as of December 31, 2024

(fill in the tables and ignore the numbers there)

image text in transcribed

image text in transcribedimage text in transcribed

COYOTE CORPORATION Income Statement For the Year Ended December 31, 2024 Service Revenue Expenses: \begin{tabular}{|l|r|} \hline Salaries Expense & $406,000 \\ \hline Rent Expense & 26,000 \\ \hline Utilities Expense & 46,000 \\ \hline Interest Expense & 5,000 \\ \hline & \\ \hline \end{tabular} \begin{tabular}{|l|l|r|} \multicolumn{1}{|c|}{ Total expenses } & & 483,000 \\ \hline Net Income & & $47,000 \\ \hline \end{tabular} COYOTE CORPORATION Statement of Stockholders' Equity For the Year Ended December 31, 2024 COYOTE CORPORATION Balance Sheet December 31, 2024 Assets Liabilities Current assets: Current liabilities

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Charles E. Davis, Elizabeth Davis

2nd edition

1118548639, 9781118800713, 1118338448, 9781118548639, 1118800710, 978-1118338445

More Books

Students also viewed these Accounting questions

Question

5. Discuss the cost of utilities.

Answered: 1 week ago

Question

18. Show that when r = 2 the multinomial reduces to the binomial.

Answered: 1 week ago

Question

3. Define the attributions we use to explain behavior

Answered: 1 week ago