Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Assets and liabilities of ABC Service Inc. as of December 31, 2008, and revenue and expenses for year ended December 31, 2008 are given below:

Accounts Payable         $21,000                      Property tax expense               $5,000
Accounts Receivable      25,000                      Rent expense                             3,000
Advertising expense       10,000                      Salary expense                        85,000
Building                       140,000                      Salary payable                          12,000
Cash                             10,000                      Service Revenue                     200,000
Furniture                        20,000                      Share Capital                          75,000
Interest expense              4,000                      Supplies                                   3,000
Land                              98,000                     Note Payable                            95,000

Beginning Retained Earnings were $50,000 and dividends totalled $50,000 for the year.

problems

Create the Income Statement for the year ended December 31, 2008

Create the Statement of Retained Earnings for the year

Create the Balance Sheet at December 31, 2008

Based on financial statements created, answer the problems given below:

a. Was ABC Service Inc. profitable during 2008? If yes describe by how much?

b. Did Retained Earnings increase or decrease? What is the amount of the change?

c. Which is the greater total, liabilities or total equity? Who have more of the company’s assets, creditors or the shareholders?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M99387

Have any Question? 


Related Questions in Accounting Basics

Accounting paper1each person will write a 3 page paper

Accounting Paper 1. Each person will write a 3 page paper, single spaced, one inch margins, 12 pt font with double space between paragraphs. 2. You will also be required to include the Income Statement, Balance Sheet and ...

Assignmenta manufacturing company is thinking of launching

Assignment A manufacturing company is thinking of launching a new product. The company expects to sell $950,000 of the new product in the first year and $1,500,000 each year thereafter. Direct costs including labor and m ...

Accounting for governmenttrue or false1 a fund in itself is

ACCOUNTING FOR GOVERNMENT True or False 1. A fund in itself is a separate legal entity that is established to comply with laws that require that certain transactions be segregated and accounted for as a separate "fund." ...

Assignmentmemos are one-page 750 word minimum single-spaced

Assignment Memos are one-page (750 word minimum) single-spaced essays (no more than 10 font) and are due in the morning on Blackboard before we discuss assigned readings (a physical copy should also be brought to class). ...

To write discussion post to given answerrequirementsdo not

To write discussion post to given answer Requirements: Do not use any direct quotes and/or cut and pasted information (i.e. your discussion is to be 100% your thoughts, ideals and insights). You can agree or disagree wit ...

This assignment will assess the following learning

This assignment will assess the following learning outcomes: - Demonstrate the impact on the financial statements and the implication for different users of accounts of alternative ways of treating controversial accounti ...

Discussionaccounting irregularities please respond to the

Discussion "Accounting Irregularities" Please respond to the following: • Imagine that you were auditing accounts receivable balances to confirm sales and found significant discrepancies between the recorded account bala ...

Section i multiple choicemark one box only to indicate the

Section I: Multiple Choice Mark one box only to indicate the answer you consider correct for each question 1. Which of the following is the goal of the U.S. health care system? a. Access b. Cost c. Quality d. All of the ...

Construct a time series plot what type of pattern exists in

Construct a time series plot. What type of pattern exists in the data? Quarter Year 1 Year 2 Year 3 1 923 1112 1243 2 1056 1156 1301 3 1124 1124 1254 4 992 1078 1198 Use a multiple regression model with dummy variables a ...

Principles of accountingthe accounting cyclequestion

Principles of Accounting The Accounting Cycle Question A • Explain why temporary accounts are closed each period. Question B • Identify the 10 steps in the accounting cycle.

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro