Wongs Insurance Agency adjusts its accounts at the end of each month. The adjusted balances of the
Question:
Wong€™s Insurance Agency adjusts its accounts at the end of each month. The adjusted balances of the revenue and expense accounts at two different dates of the year appear below. The company€™s fiscal year starts on January 1:
The company is subject to an income tax rate of 40 percent.
Required:
Prepare statements of earnings for two separate time periods: the quarter ending September 30, 2015, and the nine- month period ending September 30, 2015. Explain how you determined the amounts for each time period and show supporting computations.
Transcribed Image Text:
September 30, 2015 Commissions eaned Salaries expense Rent expense Depreciation expense Advertising expense $72,000 18,000 11,250 1,350 14,000 June 30, 2015 $45,000 12,000 7,500 900 7,500
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Related Book For
Financial Accounting
ISBN: 978-1259103285
5th Canadian edition
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M
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