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
Question : The several evaluative criteria for evaluating revenue measure or system are: ? Yield ? Political expediency ? Ease of administration ? Consistency

define accounting.Briefly explain the accounting concepts which guide the accountant at the recording stage.

There is a point where stockholding costs are equivalent to ordering costs

i need to pay rent for 3 year 2011,2012,and 2013. am in 2012 1 December. what entries will be there for rent account and the rant account balance amount

what will be the journal entry for this: A debit memo from the bank was received for bank charges P200.00

Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.

UNITs UNIT COST UNIT SALE PRICE AUG 3 SALE 45 $ 83 8 PURCHASE 75 $ 52 21 SALE 70 $ 85 30 PURCHASE 10 $ 55 Decorative steel began August with 55 units of iron inventory th

Q. What is Consistency? Consistency in general requires that a company use the same accounting principles and reporting practices through time. This concept disallows indiscrim

even after preparing BRS why does balance as per cash book and balance as per pass book do not tally?

Difference between Debit and  Credit Debit- used to record employer's FICA taxes, state unemployment taxes and federal unemployment taxes incurred during an accounting period