Income Statement With Adjustments Questions And Answers

Examples of service businesses are medical accounting or legal practices or a business that provides services such as plumbing cleaning consulting design etc.

Income statement with adjustments questions and answers. The income statement format above is a basic one what is known as a single step income statement meaning just one category of income and one category of expenses and prepared specifically for a service business. Solution for he net income reported on the income statement for the current year was 73 600. Use the following information to answer questions 60 65. The following trial balance is prepared after preparation of income statement for f.

On december 1 your company began operations. At december 31 2007 assets amounted to 25 000 and liabilities were 6 000. In this live grade 12 accounting show we take a look at the income statement and adjustments. A question 4 of 10 10 0 10 0 points murray sporting goods began business on january 1 2007 with capital stock of 15 000.

Green as at 31 march 2015 in both horizontal and vertical style. Prepare balance sheet for f. Revenue from services during the year amounted to 30 000 and dividends were 8 000. Workbook has 88 questions and exercises starting from the accounting equation and basic concepts to journal entries t accounts the trial balance financial statements the cash flow statement.

D balance sheet and income statement. Depreciation recorded on store equipment for the year amounted to. Get help with your income statement homework. Create an income statement for 20xx year from the following data.

Accounting grade 12 exam revision. C balance sheet and adjustments. Solution for unadjusted tb adjustments adjusted tb income statement balance sheet december 31 2020 december 31 2020 debit credit debit credit debit credit. Access the answers to hundreds of income statement questions that are explained in a way that s easy for you to understand.

Units produced and sold 420 sales 80 per unit selling price 33600 cost of goods sold 30 per unit all variable cos. Green as at 31 march 2015. Preparation of balance sheet horizontal and vertical style. In the absence of information about the date of repayment of a liability then it may be assumed.

On december 4 it purchased 1 500 of supplies on credit and recorded the transaction with a debit to the income statement account supplies expense and a credit to the current liability accounts payable.