User Account

All Pages

Prepare income statement for the Haman Accounting Services

Assignment Help Accounting Basics
Reference no: EM132438983

Question - The account balances from the December 31, 2019, trial balance for Haman Accounting Services are shown below.

HAMAN ACCOUNTING Trial Balance December 31, 2019

ACCOUNT NAME

DEBIT

CREDIT

Cash

7,900

 

Accounts Receivable

3,900

 

Supplies

2,900

 

Prepaid Rent

20,000

 

Equipment

19,000

 

Accounts Payable

 

9,000

Erik Haman, Capital

 

29,000

Erik Haman, Drawing

4,900

 

Fees Income

 

28,500

Salaries Expense

4,900

 

Utilities Expense

3,000

 

Totals

66,500

66,500

1. Prepare an income statement for the Haman Accounting Services for the month ended December 31, 2019.

2. Prepare a statement of owner's equity for Haman Accounting Services for the month ended December 31, 2019.

3. Prepare a balance sheet for Haman Accounting Services as of December 31, 2019.

Reference no: EM132438983

Questions Cloud

Explain why benzoic acid crystalizes at low temperature : Explain why benzoic acid crystalizes at low temperature and dissolves at high temperature. Explain in terms of intermolecular forces and thermodynamics
What do think socrates means : Apology what do you think Socrates means by this. What is the overall topic of the Meno? and how is it relevant to the Athenians or to us for that matter?
What steps detect Davids alleged industrial espionage : What steps detect Davids alleged industrial espionage?What steps might have been taken to prevent his perpetrating such an offense?
How postmodernity differs from modernity : Briefly describe several ways in which the emergence of urbanization affected community life.Highlight how postmodernity differs from modernity
Prepare income statement for the Haman Accounting Services : The account balances from the December 31, 2019, Prepare an income statement for the Haman Accounting Services for the month ended December 31, 2019
You and your friend : You and your friend Samantha wish to see the new action movie at the IMAX Theater. Samantha decided to buy the ticket at the theater ticket counter.
How does the international nature of e-commerce affect : What steps should be taken to overcome the cultural issues of electronic commerce?How does the international nature of e-commerce affect
Mission statement and leadership vision of organization : An organization's growth strategy must be consistent with its' mission statement and leadership's vision of the organization.
Thoughts about the business plan process : Describe how you plan to continue developing your knowledge and understanding of entrepreneurship and innovation.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the average total cost per unit

During August, 8,000 units of the firm's single product were manufactured. Calculate the average total cost per unit for the 8,000 units manufactured in August

  Calculate roi for independent investments

Maria Chevas bought a GIC (guaranteed investment certificate) on June 1 for $3,200. The certificate reached maturity on December 1 (it was a six-month certificate). On December 1, she cashed in the certificate and received her original $3,200 back..

  Compute time of order to the time of arrival of the order

Reorder Point La Cucina Company sells kitchen supplies and housewares. Lava stone is used in production of molcajetes.

  Analyzing an inventory footnote

Analyzing an Inventory Footnote Disclosure.General Electric Company reports the following footnote in its 10-K report.

  Who was appraising accounting education

Who was appraising accounting education had the premises - Which type of reasoning was the individual using?

  Companies can choose the fair value option

The remainder of the excess of the cost of the investment over the book value of net assets purchased was attributable to goodwill.

  Which company is doing better based on return on assets

1.calculate american eagles return on assets profit margin and asset turnover ratio.2.calculate the buckles return on

  Compute the estimated overhead costs for cookies

The activity-cost-driver for the oven would be 220,000/1500=146.67. Remember the product cost will consist of direct material, direct labor, and overhead.

  Which systems study step is normally performed first

Which systems study step is normally performed first? What is the first step to be performed by most organizations in their accounting cycles?

  Explain the aicpa code of professional conduct

Responsibilities to Clients' Cases. Read the following cases. For each case, state whether the action or situation shows a violation or potential for violation.

  What price would a second investor pay the first investor

Assuming the market rate is still 10%, what price would a second investor pay the first investor on June 30, 2013, for $10,000 of the bonds?

  How much must tighe include in his gross income

In addition, Tighe's employer gave him $5,000 with which to pay the taxes on the prize. How much must Tighe include in his gross income

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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