E3-23A – Single-Step Income Statement & Statement of Retained Earnings
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
Prepare the single-step income statement, statement of retained earnings, and balance sheet.
Prepare the single-step income statement, statement of retained earnings, and balance sheet.
Given the adjusted trial balances for the corporation – figure out what you would report on the income statement for sales revenue, insurance expense, and operating expenses.
Your numbers will vary.
Using average-cost, FIFO, and LIFO – find the cost of goods sold and ending inventory.
Your numbers will vary.
Determine how much inventory should be purchased during the upcoming year to reach budget.
Your numbers will vary.
Determine how much inventory should be purchased during the upcoming year to reach budget.
Your numbers will vary.
Given the truck cost and notes payable – find the accrued interest, final payment, and interest expense for both years.
Your numbers will vary.
Given the beginning accounts receivable balance, the service revenue, and the ending accounts receivable balance… determine the cash collected during the year.
Your numbers will vary.
Given the amount a business paid on account… determine what would be included in the journal entry.
Your numbers will vary.
Given a list of transactions including the purchase of supplies, services for cash, services on account, and monthly rent… calculate total revenue, net income, and the net cash inflow or outflow.
Your numbers will vary.
Given credit sales, cash sales, wages, utilities, payments received, and beginning cash balance… determine the ending cash balance.
Your numbers will vary.