Question 27 The following items are taken from the financial statements of the Freight Service for the year ending December 31, 2016: Accounts payable $ 19,000 Accounts receivable 13,000 26,000 21,200 15,000 104,000 11,000 12,000 3,800 72,000 7,200 16,000 32,000 135,000 Accumulated depreciation - equipment Advertising expense Cash Owner's capital (1/1/16) Owner's drawings Depreciation expense Insurance expense Note payable, due 6/30/17 Prepaid insurance (12-month policy) Rent expense Salaries and wages expense Service revenue Supplies Supplies expense Equipment Instruction 5,000 6,000 210,000 1. Prepare the income statement for the year ending December 31, 2016 2. Prepare the retained earnings statement for the year ending December 31, 2016 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph V Arial EX² X₂ >¶¶< V 10pt +₁ ABC V ✓ V Π " Ω Θ 田く А Av X AB Ix X Q5 2 ≡≡≡ 田由用图囡图} Ⓒ H

Question 27 The following items are taken from the financial statements of the Freight Service for the year ending December 31, 2016: Accounts payable $ 19,000 Accounts receivable 13,000 26,000 21,200 15,000 104,000 11,000 12,000 3,800 72,000 7,200 16,000 32,000 135,000 Accumulated depreciation - equipment Advertising expense Cash Owner's capital (1/1/16) Owner's drawings Depreciation expense Insurance expense Note payable, due 6/30/17 Prepaid insurance (12-month policy) Rent expense Salaries and wages expense Service revenue Supplies Supplies expense Equipment Instruction 5,000 6,000 210,000 1. Prepare the income statement for the year ending December 31, 2016 2. Prepare the retained earnings statement for the year ending December 31, 2016 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph V Arial EX² X₂ >¶¶< V 10pt +₁ ABC V ✓ V Π " Ω Θ 田く А Av X AB Ix X Q5 2 ≡≡≡ 田由用图囡图} Ⓒ H

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter24: Analysis Of Financial Statements

Section: Chapter Questions

Problem 2SEB: ANALYSIS OF ACTIVITY MEASURES Based on the financial statement data in Exercise 24-1B, compute the...

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The following items are taken from the financial tatements of the Freight Service for the year ending December 31, 2016: Accounts ayable 19,000 ccounts eceivable 3,000 ccumulated depreciation - quipment dvertising expense Cash 15,000 Owner's capital (1/1/16) 104,000 Owner's drawings 21,200 11,000 Depreciation expense nsurance expense 3,800 ote payable, due 6/30/17 72,000 Cent expense repaid insurance (12-month policy) 7,200 12,000 Service revenue Supplies Salaries and wages expense 32,000 quipment 16,000 135,000 Supplies expense 5,000 6,000 210,000 26,000 What are total current liabilities at December 31, 016? Gelect one: O a. $91,000 O b. $72,000 c. $19,000
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