Prepare an accrual basis income statement for the year

Assignment Help Accounting Basics
Reference no: EM13517705

Stephen Anest started a new business called "Repairs R Us, Inc." at the beginning of the year. Unfortunately, Stephen has not maintained any accounting records, except for keeping track of all cash receipts and cash disbursements which are presented below. In addition, all unpaid invoices are kept in a file until they are paid.



Anest has asked you to prepare an accrual basis income statement for the year. The following information should help in the preparation of the income statement:
1.The equipment has a useful life of ten years.
2.Supplies on hand at the end of the period have a cost of $3,000.
3.The shop rent is $500 per month, but the lease requires two months in advance.
4.The insurance was paid at the beginning of the year and represents a two-year policy.
5.Customers owe the shop $3,200 for services already performed.
6.The workers were hired this year and are owed $550 at the end of the year for work in Dec.

Reference no: EM13517705

Questions Cloud

Find the resistance of conducting solution in this geometry : A circular pan of radius b = 10.10 cm has a plastic bottom and metallic side wall of height h = 2.20 cm . It is filled with solution of resistivity 2.20 ?·m. find the resistance of the conducting solution in this geometry
Prepares a deposit slip and takes the cash to the bank : Prepares a deposit slip and takes the cash to the bank.
Define solution which ions are expected to hydrolyze : Please tell for each individual solution which ions are expected to hydrolyze (if any) and what the spectator ions are
Evaluate the total energy of the system : A 0.50-kg mass is attached to a spring of spring constant 20 N/m along a horizontal, frictionless surface. What is the total energy of the system
Prepare an accrual basis income statement for the year : Prepare an accrual basis income statement for the year
State what is the boiling point of a solution : What is the boiling point of a solution produced by adding 510g of cane sugar (molar mass 342.3g/mol ) to 2.1kg of water. For each mole of nonvolatile solute, the boiling point of 1kg of water is raised 0.51 degrees celsius.
Evaluate the drift speed of the electrons in the wire : An aluminum wire carrying a current of 9.0 A has a cross-sectional area of 7.0 10-6 m2. Find the drift speed of the electrons in the wire
Can a local maximum be a global minimum : Can a local maximum be a global minimum - Can a local minimum be greater than a local maximum? Yes or No? Explain your answer.
Formulate an integer linear programming model : Formulate an integer linear programming model for Dr. Konur's problem by defining your decision variables, and expressing your objective and objective function

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd