Prepare an income statement for the current year, Accounting Basics

The assets and liabilities of Amos Moving Services at May 31, 2011, the end of the current year, and its revenue and expenses for the year are listed below.  On April 1, 2010, the beginning of the current year,  Mr. Amos invested an additional RM25,000 in the business during the year.

Accounts Payable

RM       1,200

Miscellaneous Expense

RM    230

Accounts Receivable

RM     10,340

Office Expense

RM  1,240

Cash

RM     33,990

Office Equipment

RM  1,670

Fees Earned

RM   266,020

Wages Expense

RM23,550

Land

RM     47,000

Drawing

RM16,570

Building

RM   157,630

 

 

Required:

Prepare an Income Statement for the current year ended May 31, 2011

 

Posted Date: 3/26/2013 3:22:54 AM | Location : United States







Related Discussions:- Prepare an income statement for the current year, Assignment Help, Ask Question on Prepare an income statement for the current year, Get Answer, Expert's Help, Prepare an income statement for the current year Discussions

Write discussion on Prepare an income statement for the current year
Your posts are moderated
Related Questions
Q. What is classified balance sheet? The balance sheets we presented thus far have been unclassified balance sheets. An unclassified balance sheet has three major categories li

Houston Corporation has the following stock outstanding:     In 2012, Houston paid $330,000 in dividends. No dividends were paid in 2011 or 2010. Required : a)

Q. Explain about full disclosure principle? The full disclosure principle states that information significant enough to influence the decisions of an informed user of the finan

Montana Company produces basketballs. It incurred the following costs during the year. Direct materials: $14,032 Direct Labor: $25,706 Fixed manufacturing overhead: $9,698

Case Study Labor standards Geeta & Company has experienced increased production costs. The primary area of concern identified by management is direct labor. The compa

Objective of Eight non-profit organization engaged in the conservation forest and wild animals

Consignor is the person who is the holder of the goods and who distribute the goods to the consignee. Consignee is the person who takes the goods and he just possesses the goods

journal entries and how to calculate entries 1. Braves estimates bad debt expense at 2% of net sales 2. At 12/31/11, 6 months of rent remains on the storage facility Braves lease

A few account balances remain the same because no adjustments have affected them. For illustration the balance in Accounts Payable doesn't change and is simply extended to the Adju

Below is the share price, taken annually over the last ten years, and a table of dividends paid over the last ten years, for each Bendigo and Adelaide Bank and Commonwealth Bank.