Prepare an income statement

Assignment Help Finance Basics
Reference no: EM1351513

1.The adjusted trial balance columns of the worksheet for Goode Company are as follows:

Goode COMPANY
Worksheet (partial)
For the Month Ended April 30, 2008

Adjusted Trial Balance
Income Statement Balance Sheet
Account Titles Dr. Cr. Dr. Cr. Dr. Cr.
Cash 13,752
Accounts Receivable 7,840
Prepaid Rent 2,280
Equipment 23,050
Accumulated Depreciation 4,921
Notes Payable 5,700
Accounts Payable 5,672
Common Stock 25,000
Retained Earnings 5,960
Dividends 3,650
Service Revenue 15,590
Salaries Expense 10,840
Rent Expense 760
Depreciation Expense 671
Interest Expense 57
Interest Payable 57
Totals 62,900 62,900

Problem1: Complete the worksheet.

Problem2: Prepare an income statement, a retained earnings statement, and a classified balance sheet.

[Worksheet data for Goode Company are presented above. No common stock was issued
during April].

Problem3:
(a) Journalize the closing entries at April 30.
(b) Post the closing entries to Income Summary and Retained Earnings.Use T accounts.
(c) Prepare a post-closing trial balance at April 30.

 

Reference no: EM1351513

Questions Cloud

Max weber and mainstream management : Mainstream management has been dominant in its approaches in the industrialized world for more than a century
Clash of atoms and reactions generated in brains : Do you think that Hobbes was on to something with his theory? Is there joy or fear out there, or is it all inside of us and how we perceive and react to a situation?
Elucidate briefly what kind of supply and demand elasticity : congress decides to reduce our dependence on foreign oil by imposing a $.50 tax on each gallon of gasoline at the pump. Elucidate briefly what kind of supply and demand elasticity for gasoline must be present in the U.S. market, in order for this..
Explaining the important harassment and employment : Develop a three-to five-page white (position) paper Explaining the important harassment and employment-related laws and regulations
Prepare an income statement : The adjusted trial balance columns of the worksheet for Goode Corporation are as follows:
Compute the average force the floor exerts on the ball : find the magnitude and direction of the impulse delivered to the ball by the floor.
Eval factors that influence planning function of management : Analyze at least three factors that influence the company's strategic, tactical, operational, and contingency planning and Format your paper consistent with APA guidelines.
Problem of traveling from one city to another : Describe how the problem of traveling from one city to another could be framed as a production system. What are the states? What are the productions?
Creating a modern rite of passage : I need help creating a modern rite of passage [ritual or celebrate], one for an adolescent female and one for an adolescent male, that address the social demands facing adolescents today. Include the following issues in your Rite of Passage:

Reviews

Write a Review

 

Finance Basics Questions & Answers

  Find the beta coefficients

I understand that B is at more risk but not understanding what the formula would be to come up to the rM and beta coefficients of A and B.

  Calculation of cost of capital for western communications

Calculation of cost of capital for Western Communications

  Calculation of after-tax cost of debt and cost of equity

Calculation of After-Tax Cost of Debt and Cost of Preferred Stock and Cost of Equity and WACC under CAPM

  Estimated retained earnings at ending of year

Earnings after tax will total= $23,400, and MP will pay= $12,400 in dividends. Write down estimated retained earnings at ending of next year?

  Computation of payroll accounting with taxes

Computation of payroll accounting with taxes and Compute the missing amounts in the chart provided

  Determine market rate of interest for bond

Determine the market rate of interest for a bond with the following characteristics: the bond pays a 7% coupon (semi-annually),

  Devise and implement a cost allocation scheme

Suppose that $2 million of Financial Services are related to billing and managerial reporting and $1 million are related to payroll and personnel management activities.

  Compute the weighted cost of capital use in evaluating

Compute the weighted cost of capital that is appropriate to use in evaluating this expansion program

  Investment analysis

Establish an estimated growth rate in earnings & dividends for British Petroleum. Note, in the dividend growth model, "g" is growth rate for earnings & dividends.

  Describe in general terms how each option

Describe in general terms how each option could change a project's NPV and show the corresponding risk of each option, relative to what would have been estimated if the option had not been considered.

  Computation of the value of the annuity payment

Computation of the value of the annuity payment and would you have to deposit each year if your first deposit is made now and the final deposit is made one year

  Why would bofa issue all those warrants

Why would BofA issue all those warrants? Remember, think like an analyst- Warren Buffet invested in BofA last year and as part of the deal

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd