Please do not give solution in image format thanku RevenuesService RevenueExpensesRent ExpenseMaintenance and Repairs ExpenseGasoline ExpenseUtilities ExpenseAdvertising ExpenseTotal ExpensesNet Income /(Loss)Marigold Corp.Income StatementFor the Month Ended May 31, 2022$Marigold Corp.Retained Earnings StatementPrepare a retained earnings statement for the month of May. (List items that increase retained earnings first.)$i$ji On May 1, Marigold Corp., a company that provides flying lessons, was started by using common stock in exchange for cash of$45,300. Following are the assets and liabilities of the company on May 31, 2022, and the revenues and expenses for the month ofMay.CashAccounts ReceivableEquipmentService RevenueAdvertising ExpenseAccounts Payable$4,9507,70064,3007,100Notes PayableRent Expense1,700Maintenance and Repairs ExpenseGasoline Expense800 Utilities Expense$28,0001,1005502,300200

Income Statement is a summary of Financial Performance of the Business entity during a particular…

Answered: Revenues Service Revenue Expenses Rent…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On August 1, 2022, Colombo Company's treasurer signed a note promising to pay $122,100 on December 31, 2022. The proceeds of the note were $115,800. Use the horizontal model to show the effects of signing the note and the receipt of the cash proceeds on August 1, 2022. Indicate the financial statement effect. Use the horizontal model to show the effects of recording interest expense for the month of September. Indicate the financial statement effect. Use the horizontal model to show the effects of repaying the note on December 31, 2022. Indicate the financial statement effect.
Blossom Inc's general ledger at April 30, 2021, included the following: Cash $4.000: Supplies $300; Equipment $20,000; Accounts Payable $2,100, Deferred Revenue (from gift certificates) $1.000; Bank Loan Payable $10,000; Common Shares $5,000; and Retained Earnings $6,200. The following transactions occurred during May: Paid rent for the month of May, $1.000. Paid $1.100 of the account payable outstanding at April 30. Issued gift certificates for future services for $1.500 cash. Received $2.000 from customers for services performed to date. Paid $1.200 in salaries to employees. Customers receiving services worth $700 used gift certificates in payment. May 1 7 15 15 17 18 Paid the remaining accounts payable from April 30, Purchased supplies of $700 on account. Received a bill for advertising for $500. This bill is due on June 22. Received and paid a utilities bill for $400, 22 24 25 28 Received $2.100 from customers for services performed. Customers receiving services worth $600 used…
On June 1, 2025, Oriole Service Co. was started with an initial investment in the company of $31,500 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2025, and the revenues and expenses for the month of June, its first month of operations: Cash Accounts receivable Service revenue Supplies Advertising expense Equipment Common stock. $5,470 4,280 8,400 2,398 400 37,400 31.500 Notes payable Accounts payable Supplies expense Maintenance and repairs expense Utilities expense Salaries and wages expense $13,740 780 860 670 230 1,200
The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts Debits Credits $ 26,680 Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue 17,480 16,88e 168, 08e $ 8,700 7,80e 163, e00 48,500 Conmon Stock Retained Earnings Tatals $228, 080 $228, 000 The following is a summary of the transactions for the year: 9 Provide storage services for cash, $154,100, and on account, $62, 200. 1. Зaпиагy 2. February 12 Collect on accounts receivable, $53,508. 3. April 4. May 5. July 6. September 10 Pay on accounts payable, $13,408. 7. October 8. Novenber 20 Issue shares of comman stock in cxchange for $47,000 cash. 9. Decenber 38 Pay $4,880 cash dividends to stockholders. 25 Receive cash in advance from custoners, $14,98e. 6 Purchase supplies on account, $13, 200. 15 Pay property taxes, $1e,5ee. 31 Pay salaries, $143,60e. Insurance expired during the year is $9,000. Supplies remaining on hand at the end of the year equal…
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Debit Credit Cash $ 25,700 Accounts Receivable 47,400 Allowance for Uncollectible Accounts $ 4,800 Inventory 20,600 Land 52,000 Equipment 18,000 Accumulated Depreciation 2,100 Accounts Payable 29,100 Notes Payable (6%, due April 1, 2022) 56,000 Common Stock 41,000 Retained Earnings 30,700 Totals $ 163,700 $ 163,700 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $9,200. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $153,000. January 15 Firework sales for the first half of the month total $141,000. All of these sales are on account. The…
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On January 1, 2025, the ledger of Sunland Company contained these liability accounts. Accounts Payable $43,300 Sales Taxes Payable 7,400 Unearned Service Revenue 19,800 During January, the following selected transactions occurred. Jan. 1 Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note. 5 Sold merchandise for cash totaling $5,512, which includes 6% sales taxes. 12 Performed services for customers who had made advance payments of $11,800. (Credit Service Revenue.) 14 Paid state treasurer's department for sales taxes collected in December 2024, $7,400. 20 Sold 580 units of a new product on credit at $48 per unit, plus 5% sales tax. During January, the company's employees earned wages of $82,000. Withholdings related to these wages were $6,273 for FICA $5,057 for federal income tax, and $1,517 for state income tax. The company owed no money related to these earnings for federal or state unemployment tax. Assume that wages earned during January will be paid during…
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