The assets and liabilities of Rocky’s Day Spa on December 31…
The assets and liabilities of Rocky’s Day Spa on December 31 and its revenue and expenses for the year are listed below. The capital of the owner was $68,000 on January 1. The owner invested an additional $10,000 during the year. Accounts payable $ 4,375 Spa operating expense $23,760 Accounts receivable 8,490 Office expense 2,470 Cash ??? Spa supplies 9,230 Fees earned 98,435 Wages expense 26,580 Spa furniture and equipment 56,000 Drawing 38,170 Computers 2,130 Prepare a balance sheet for the year ended December 31.
Read DetailsThe accounts in the ledger of Monroe Entertainment Co. are l…
The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. Accounts Payable $1,500 Fees Earned $3,600 Accounts Receivable 1,800 Insurance Expense 1,300 Prepaid Insurance 2,000 Land 3,000 Cash 3,200 Wages Expense 1,400 Drawing 1,200 Capital 8,800 Total assets are
Read DetailsPrepare a multiple-step income statement for Armstrong Co. i…
Prepare a multiple-step income statement for Armstrong Co. in proper form from the following data for the year ended December 31. Sales, $755,000; cost of merchandise sold, $330,000; administrative expenses, $35,000; interest expense, $30,000; rent revenue, $25,000; selling expenses, $50,000. Insert a 2 column table here and right justify the column with numbers. It will make it easier to prepare and to read.
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