Question
Zunish Inc. had the following account balances at December 31, 2021: Account Name Amount Collections from customers $64,935 Cash received from debt 16,000 Maintenance expense
Zunish Inc. had the following account balances at December 31, 2021:
Account Name | Amount |
Collections from customers | $64,935 |
Cash received from debt | 16,000 |
Maintenance expense | 2,755 |
Accounts payable | 23,515 |
Rent expense | 4,800 |
Purchase of intangibles | 1,160 |
Deferred revenue | 1,650 |
Office supplies | 2,135 |
Payment of dividends | 5,000 |
Contributions by owners | 7,000 |
Cash (beginning of year) | 33,500 |
Income tax payable | 2,250 |
Office supplies expense | 1,240 |
Retained earnings (beginning of year) | 18,375 |
Prepaid expenses | 2,400 |
Utilities expense | 875 |
Website expense | 750 |
Prepaid rent | 1,500 |
Website design | 1,100 |
Interest expense | 1,200 |
Owner's capital | 19,000 |
Accounts receivable | 32,645 |
Cash (end of year) | 56,350 |
Service revenue | 39,370 |
Bank loan payable, due in 2025 | 16,000 |
Income tax expense | 7,350 |
Business licence | 60 |
Payments to suppliers | 58,925 |
Dividends | 5,000 |
Using the above information create the following: income statement, statement of retained earnings, balance sheet and the statement of cash flows. Then use the information to answer the following questions.
1)
What is Total Operating Expenses on this company's single step income statement?
2)What is Profit before Income Tax (also called Income before Income Tax) on this company's single step income statement?
3)What is Profit (also called Net Income) on this company's single step income statement?
4)What is ending Retained Earnings on this company's statement of retained earnings?
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