Insomniacs Coffee Ltd., a mobile coffee company, had the following account balances at the end of December
Question:
Insomniacs Coffee Ltd., a mobile coffee company, had the following account balances at the end of December 2024:
Required
a. Prepare a statement of income for the year ended December 31, 2024.
b. Calculate the amount of retained earnings as at December 31, 2024.
c. Prepare a classified statement of financial position as at December 31, 2024.
Transcribed Image Text:
Cash Accounts payable Dividends declared Sales revenue Inventory Advertising expense Common shares Prepaid insurance Wages expense Equipment Rent expense Wages payable Cost of goods sold Depreciation expense Loan payable Interest expense Accounts receivable Retained earnings (as at January 1, 2024) $ 120,000 340,000 180,000 2,910,000 305,000 78,000 100,000 23,000 510,000 1,240,000 180,000 45,000 1,650,000 82,000 790,000 42,000 185,000 410,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (10 reviews)
a b c Insomniacs Coffee Ltd Statement of Income For the year ...View the full answer
Answered By
Sarah Khan
My core expertise are:
-_ Finance
-_ Business
-_ Management
-_ Marketing Management
-_ Financial Management
-_ Corporate Finance
-_ HRM etc...
I have 7+ years of experience as an online tutor. I have hands-on experience in handling:
-_ Academic Papers
-_ Research Paper
-_ Dissertation Paper
-_ Case study analysis
-_ Research Proposals
-_ Business Plan
-_ Complexed financial calculations in excel
-_ Home Work Assistance
-_ PPT
-_ Thesis Paper
-_ Capstone Papers
-_ Essay Writing etc...
5.00+
91+ Reviews
92+ Question Solved
Related Book For
Understanding Financial Accounting
ISBN: 9781119715474
3rd Canadian Edition
Authors: Christopher D. Burnley
Question Posted:
Students also viewed these Business questions
-
The Janjua Company had the following account balances at 1/1/18: Common Stock $65,000 Treasury Stock (at cost) 13,400 Paid-in-Capital in Excess of Par 82,000 Investments in AFS Debt Securities 42,000...
-
Yilmaz Company had the following account balances at year-end: cost of goods sold TL60,000: merchandise inventory TL15,000: operating expenses TL29,000: sales TL 108,000; sales discounts TL1,200: and...
-
Kaisha Corporation had the following account balances at the end of 2011: Service Revenue, $13,200; Rent Expense, $1,200; Wages Expense, $8,340; Advertising Expense, $1,350; Utilities Expense, $900;...
-
A 63.0-F capacitor is connected to a generator operating at a low frequency. The rms voltage of the generator is 4.00 V and is constant. A fuse in series with the capacitor has negligible resistance...
-
Outline the basic assumptions of technical analysis.
-
Aisha works at the local Yourizon store on Friday nights, usually with two other employees. This Friday, her boss has told her she will be the only sales associate present. Aisha wants to convince...
-
Kasper Industries produces custom molds that are used by producers of molded products (e.g., ski boots and snowboards). Many of its customers use just-in-time (JIT) manufacturing, and on-time...
-
The contribution format income statement for Huerra Company for last year is given below: The company had average operating assets of $2,000,000 during the year. Required: 1. Compute the companys...
-
Background Forrest runs Y Not Flowers, Inc. (YNF) , a wholesale flower distributor with stores in several major metropolitan areas of the U.S. He is considering expanding his business, but he think...
-
Singh Company started business on January 1, 2024. The following transactions occurred in 2024: 1. On January 1, the company issued 10,000 common shares for $250,000. 2. On January 2, the company...
-
The Wizards Corner, a company that sells video games and related items, had the following account balances at the end of June 2024: Required a. Prepare a statement of income for the year ended June...
-
In Exercises 35-62, use the appropriate limit laws and theorems to determine the limit of the sequence or show that it diverges. 1. 2. cn = 1.01n an = 10 +
-
Since childhood, Louis Armstrong Carriker had been known simply as Bud, a nickname given to him by his paternal grandmother.1 Buds father, a New Orleans native, was a lifelong fan of the famous blues...
-
Damages, which are usually determined by the jury, come in four forms: Nominal damages Compensatory damages Hedonic damages Punitive damages
-
An assembly line must create one finished product every 2 minutes. The sum of the task times required to create a product is 200 seconds. What is the theoretical minimum number of workstations for...
-
Falsification of medical or business records is grounds for both criminal indictment and civil liability.
-
A certain facility has a design capacity of 2,500 units a day and an effective capacity of 2,225 units. Name one potential determinant of its effective capacity.
-
The data set of plastic panel bending capabilities given in DS 6.1.9. Use a statistical software package to obtain sample statistics and boxplots for the following data sets. What do the sample...
-
The Adjusted Trial Balance columns of a 10-column work sheet for Webber Co. follow. Complete the work sheet by extending the account balances into the appropriate financial statement columns and by...
-
Discuss why one company might prepare adjusting journal entries and financial statements monthly and another might do so on a quarterly basis. Do companies close their books after preparing financial...
-
For each of the following accounts, identify what type of account it is and state what its normal balance would be. Use the following abbreviations for account type (A Asset, L Liability, SE ...
-
For each of the following accounts, identify what type of account it is and state what its normal balance would be. Use the following abbreviations for account type (A Asset, L Liability, SE ...
-
Large aircraft manufacturers such as McDonnell Douglas normally use Process costing Mixed costing Job order costing Full costing Schill Builders manufactures each house to customer specifications. It...
-
14 cos 5x O-120x cos 5x sin 5x +40x cos 5x2 120x cos 5x O-120x cos 5x2 sin 5x2 O 120 cos 5x2 O-120x cos 5x2 sin 5x2
-
The decedent devised to his son a 1,000 square meter lot in Global City, Taguig with the following valuation: Fair value as determined by the city assessors, P20k/sq m; Zonal value as determined by...
Study smarter with the SolutionInn App