Deprec 3666597 accounts payable 1632570 unearned

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Unformatted text preview: tion expense - 668,967 Maintenance and supplies expense - 2,033,001 Salaries Expenses - 1,725,000 - $ 19,151,049 $ 19,151,049 Download free eBooks at bookboon.com 12 Problem 2: Worksheet Accounting Cycle Exercises IV Worksheet 2 OVER-HEAD-EYE CORPORATION Income Statement Revenues $ Services to customers - Expenses $ - Net income $ - OVER-HEAD-EYE CORPORATION Statement of Retained Earnings $ Beginning retained earnings Plus: Net income - $ - $ - Please click the advert Teach with the Best. Learn with the Best. Agilent offers a wide variety of affordable, industry-leading electronic test equipment as well as knowledge-rich, on-line resources —for professors and students. We have 100’s of comprehensive web-based teaching tools, lab experiments, application notes, brochures, DVDs/ CDs, posters, and more. See what Agilent can do for you. www.agilent.com/find/EDUstudents www.agilent.com/find/EDUeducators © Agilent Technologies, Inc. 2012 u.s. 1-800-829-4444 canada: 1-877-894-4414 Download free eBooks at bookboon.com 13 Problem 2: Worksheet Accounting Cycle Exercises IV OVER-HEAD-EYE CORPORATION Balance Sheet Assets $ - Satellite equipment $ Less: Accumulated depreciation - Total assets $ - $ - Liabilities $ - Total liabilities Stockholders’ equity $ - Total stockholders’ equity - Total liabilities and equity $ - Download free eBooks at bookboon.com 14 Problem 2: Solution Accounting Cycle Exercises IV Solution 2 OVER-HEAD-EYE CORPORATION Income Statement For the Year Ending December 31, 20X0 Revenues $ 7,120,206 Services to customers Expenses $ 1,429,335 Selling Interest 240,000 Salaries 2,033,001 Maintenance and supplies 668,967 Depreciation 6,096,303 1,725,000 Net income $ 1,023,903 OVER-HEAD-EYE CORPORATION Statement of Retained Earnings For the Year Ending December 31, 20X0 $ Beginning retained earnings Plus: Net income 686,676 1,023,903 $ 1,710,579 Less: Dividends 150,000 Ending retained earnings $ 1,560,579 OVER-HEAD-EYE CORPORATION Balance Sheet December 31, 20X0 Assets $ 2,502,663 Cash Accounts receivable 1,037,727 Prepaid expenses 137,361 Supplies 199,995 Satellite equipment $ 9,027,000 Less: Accumulated depreciation (3,666,597) Total assets 5,360,403 $ 9,238,149 Download free eBooks at bookboon.com 15 Problem 2: Solution Accounting Cycle Exercises IV Liabilities $ 1,632,570 Accounts payable Unearned revenues 1,365,000 Loan payable 3,000,000 Total liabilities $ 5,997,570 Stockholders’ equity $ 1,680,000 Capital stock Retained earnings 1,560,579 Total stockholders’ equity 3,240,579 Please click the advert Total liabilities and equity $ 9,238,149 Need help with your dissertation? Get in-depth feedback & advice from experts in your topic area. Find out what you can do to improve the quality of your dissertation! Get Help Now Go to www.helpmyassignment.co.uk for more info Download free eBooks at bookboon.com 16 Problem 3 Accounting Cycle Exercises IV Problem 3 Beaver Lodge prepared the following adjusted trial balance on December 31, 2...
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