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
journalizing payroll transactions, for Keller Systems;Inc, paid cash for april's payroll tax liability. withheld taxes from april payrolls; employee income tax,$532.00; social se

Question 1: What are the kinds of inventory? Transaction inventory Speculative inventory Precautionary inventory Question 2: Explain in brief the invent

The decision has been made: You [Tracy] have opted to start your career by joining an international accounting firm. But you can't help wondering if you have the right skills both

Cash flow information: Direct and indirect methods The comparative year-end balance sheets of Sign Graphics, Inc., revealed the following activity in the company's current accou

Determine about the Debit memorandum A debit memorandum is the buyer's written request to seller for credit. Individual account is debited to reduce the amount which they nee

Funds Flow Analysis :  This study is occasionally called as 'Statement of alter in Financial Position".  Beneath this analysis, a declaration is prepared which give details the


Describe the term in detail Payroll PAYROLL is very vital for all employees. Employees are under the direct control of employer on a continuing basis. An independent contract

Received $170,000 cash from Electronic Arts, Inc. for service revenue earned in January.

Research the major funds of your state or local government and nonprofit organizations. • What are the major funds of your state or local government, and how do they differ in n