User Account

All Pages

How much net income did ship it transportation inc earn

Assignment Help Financial Accounting
Reference no: EM132666359

Prepare the required closing entries for the following selected accounts from the records of Ship IT Transportation Inc. at December 31, 2016.

Cost of services sold        $11,600

Accumulated depreciation      17,800

Selling, general, and administrative expense 6,900

Retained earnings, December 31, 2015 1,900

Service revenue         23,600

Depreciation expense  4,100

Other revenue           600

Income tax expense  400

Dividends             400

Income tax payable  300

Problem 1: How much net income did Ship IT Transportation Inc. earn during the year ended December 31, 2016? Prepare the T-account for Retained Earnings to show the December 31, 2016 balance of Retained Earnings.

Reference no: EM132666359

Questions Cloud

How much would you need to deposit in an account : How much would you need to deposit in an account now in order to have $8,000 in the account in 8 years? Assume the account earns 6% interest compounded monthly.
Find company tax liability for the year : Assuming that 50% of dividend income is taxable and a 25% tax rate, what was the company's tax liability for the year?
Compute the npv for projects : Consider the following cash flows on two mutually exclusive projects for the Bahamas Recreation Corporation (BRC). Both projects require an annual return of 15%
What is the present value of the annuity : What is the present value of the following annuity? $4,012 every year at the end of the year for the next 9 years, discounted back to the present at 4.68 percen
How much net income did ship it transportation inc earn : How much net income did Ship IT Transportation Inc. earn during the year ended December 31, 2016? Prepare the T-account for Retained Earnings
Discussion about a research proposal : Each student will be required to complete the term project, which is a research proposal written in an APA Style. The project should have at least 1000-words.
Why is stock valuation more challenging than bond valuation : Why is stock valuation more challenging than bond valuation? Are dividend paying stocks easier to value than non-dividend paying stocks? Why or why not?
Determine the equipment carrying amount : Record the depreciation for this year and then determine the equipment's carrying amount. The business has interest expense of $9,000 early in January 2017.
Find what is the maturity date on a bond : Find What is the maturity date on a bond if it is selling today for $1,225 and it pays an annual coupon rate of 4.5% with the yield to maturity of 5%?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Do you think reducing nature to a number is beneficial

Given the resulting consequences, do you think reducing nature to a number is beneficial to the environment and accounting?

  Has tesla faced international trade barriers such as tariffs

Has Tesla faced any international trade barriers such as tariffs or quotas that have potentially affected its business? What effects has had on the company?

  Principle of adequate disclosure

Briefly explain what is meant by the principle of adequate disclosure and How does professional judgment enter into the application of the principle of adequate disclosure?

  Mergers and acquisitions

Your company has earnings per share of $4. It has 1 million shares outstanding, each of which has a price of $40. You are thinking of buying TargetCo, which has earnings per share of $2, 1 million shares outstanding, and a price per share of $25. You..

  Journal entry to record the disposal of the equipment

Which of the following would not be part of the journal entry to record the disposal of the equipment

  Prepare a statement of stockholders equity

Prepare a statement of stockholders' equity for the year ended December 31, 2015 - Sold and issued 1,200 shares of common stock at $20 cash per share

  Prepare all of the journal entries required for the bonds

Salvador, Inc. sells $500,000 of 10% bonds on the authorization date of March 1, 2014. The bonds pay interest semi-annually on March 1 and September 1 of each year, and mature on September 1, 2017. Prepare an amortization table for the bonds from Mar..

  What is the annual carrying costs of cheese inventory

What is the annual carrying costs of cheese inventory. Cheeseburger and Taco Company purchases 11,361 boxes of cheese each year.

  What happens when a fixed cost is increased or decreased

What happens when a fixed cost is increased or decreased? How do you measure the degree of operating leverage?

  Does the company have leases where they are the lessee

Does the company have leases where they are the lessee? Are the operating or finance leases? Describe Does the company have leases where they are the lessor?

  Retained earnings as well as credit to accounts receivable

To write-off an AR account between afilliates, the journal entry, before consolidating, in the books of the company carrying the accounts receivable, would be debit to retained earnings as well as credit to accounts receivable? If not, what would ..

  Describe the lean production philosophy

Dr. Stephanie White, the Chief Administrator of Uptown Clinic, a community mental health agency, is concerned about the dilemma of coping with reduced budgets next year and into the foreseeable future but increasing demand for services.

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