Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information is taken from the records of Rosebloom Flowers for the year 2019. Revenues: Jan 36,425 Gains: Feb 2,820 Losses: Mar 8,695 Expenses:

  1. The following information is taken from the records of Rosebloom Flowers for the year 2019.

Revenues: Jan 36,425

Gains: Feb 2,820

Losses: Mar 8,695

Expenses: Feb 50,807

Gains: Jan 0

Revenues: Mar 53,580

Losses: Feb 3,760

Expenses: Mar 58,985

Losses: Jan 0

Revenues:Feb 88,243

Expenses: Jan 48,786

Gains: Mar 13,160

A. Calculate net,income or n loss for January.

B. Calculate net income or net loss for February.

C. calculate net income or net loss for March.

D. For each situation, comment on how a stakeholder might view the firm's performance. (Hint: think about the source of the income or loss.)

2 .Prepare an income statement using the following information for DL Enterprises for the month of July 2018.

sales revenue 62,500

Rental revenue 15,300

Product expense 52,2000

Wages expense 18,900

Owner Investment 12,000

Equipment purchases 56,000

Utilities expense 1,800

Taxes expense 400

3.Prepare a statement of owner's equity using the information provided for Pirate Landing for the month of October 2018.

Cash 14,500

Pirate Pete, Capital Oct 1 56,000

Net loss Oct. 2017 7,800

Owner Investments 1,500

wages payable 3,250

Supplies expense 750

Owner withdrawals 100

4.Prepare a balance sheet using the following information for the Ginger Company as of march 31, 2019.

Accounts payable 1,730

Cash 11,050

Ginger Ale, Capital Mar. 1 17,300

Inventory 8,230

Wages payable 2,150

Sales 13,600

Product expenses 8,200

Ginger Ale,Capital Mar 31 22,700

Equipment 7,300

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_2

Step: 3

blur-text-image_3

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

Accounting Information Systems The Crossroads Of Accounting And IT

Authors: Donna Ulmer, Donna Kay, Ali Olia

1st Edition

0132132524, 9780132132527

More Books

Students also viewed these Accounting questions

Question

What must a person do to apply?

Answered: 1 week ago

Question

Peoples understanding of what is being said

Answered: 1 week ago

Question

The quality of the proposed ideas

Answered: 1 week ago