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

Related Discussions:- Prepare an income statement for the current year

Debtors play its role in accounts receivable, Debtors are the major role of...

Debtors are the major role of the business. He is the whole back bone of the business. The goodwill of the concern is in the hands of debtors because he is the person who takes our

How to get accounting exam help, Hi, How to get help with tutor, in account...

Hi, How to get help with tutor, in accounting exam prepartion? please suggest?

Pre acquisiton dividend, on which shares pre acquisiton dividend received

on which shares pre acquisiton dividend received

General rationale financial statements, General rationale financial stateme...

General rationale financial statements provide much of the information needed by external users of financial accounting. These financial statements are official reports providing i

Preparing financial statements for a merchandising business, Preparing fina...

Preparing financial statements for a merchandising business (The statements are completed in this order.) 1. Income Statement (contains only expenses and revenue and show

Evaluating revenue measure or system, Question : The several evaluative...

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

Adjusting Entries, The company borrowed 30 000on September 1, 2011. The pri...

The company borrowed 30 000on September 1, 2011. The principal is due to be repaid in 10 years. Interest is payable twice a year on each August 31 and February 28 at an annual rate

Prepare a schedule of depreciation expense for an equipment, 1. Mama's Frie...

1. Mama's Fried Chicken bought equipment on January 2, 2010, for $15,000. The equipment was expected to remain in service 4 years and to perform 3,000 fry jobs. At the end of the

What is the center of gravity, A supplier to the electric utility industry...

A supplier to the electric utility industry produces power generators. The Transportation costs are high. One market area includes the lower part of the Great Lakes region

Effect of transction, example of increase asset, decrease owner equity

example of increase asset, decrease owner equity

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages