Reference no: EM132651510
Questions -
Q1. The following information is taken from the records of Rosebloom Flowers for the year 2019.
Revenues: Jan 36,425
Gains: Feb 2,820
Losses: Mar 8,695
Expenses: Feb 50,807
Gains: Jan 0
Revenues: Mar 53,580
Losses: Feb 3,760
Expenses: Mar 58,985
Losses: Jan 0
Revenues: Feb 88,243
Expenses: Jan 48,786
Gains: Mar 13,160
A. Calculate net income or n loss for January.
B. Calculate net income or net loss for February.
C. Calculate net income or net loss for March.
D. For each situation, comment on how a stakeholder might view the firm's performance. (Hint: think about the source of the income or loss.)
Q2. Prepare an income statement using the following information for DL Enterprises for the month of July 2018.
Sales revenue 62,500
Rental revenue 15,300
Product expense 52,2000
Wages expense 18,900
Owner Investment 12,000
Equipment purchases 56,000
Utilities expense 1,800
Taxes expense 400
Q3. Prepare a statement of owner's equity using the information provided for Pirate Landing for the month of October 2018.
Cash 14,500
Pirate Pete, Capital Oct 1 56,000
Net loss Oct. 2017 7,800
Owner Investments 1,500
Wages payable 3,250
Supplies expense 750
Owner withdrawals 100
Q4. Prepare a balance sheet using the following information for the Ginger Company as of march 31, 2019.
Accounts payable 1,730
Cash 11,050
Ginger Ale, Capital Mar. 1 17,300
Inventory 8,230
Wages payable 2,150
Sales 13,600
Product expenses 8,200
Ginger Ale, Capital Mar 31 22,700
Equipment 7,300