Solution-Prepare the income statement for tyler service

Prepare the income statement for tyler service company

Reference no: EM13929724

Tyler Service Co. experienced the following transactions for 2013, its first year of operations:

1. Provided $86,000 of services on account.
2. Collected $72,000 cash from accounts receivable.
3. Paid $39,000 of salaries expense for the year.
4. Tyler adjusted the accounts using the following information from an accounts receivable aging schedule:

826_264-B-A-C-R (1676).png

Required:

a. Record the above transactions in general journal form and post them to T-accounts.

b. Prepare the income statement for Tyler Service Co. for 2013.

c. What is the net realizable value of the accounts receivable at December 31,2013?

Reference no: EM13929724

Questions Cloud

Write critical book analysis of the given book : Write Critical Book Analysis of the book Difficult Conversations: How to Discuss What Matters Most. As the name suggests it is to be the student's critical analysis of a book they have selected and read.

Analyze role that line manager in health organization play : From the scenario "Learnscape 3: The Silent Group", analyze the role that line managers in health care organizations play in developing HRM. Provide an example to support your analysis

Connection between self-attribution and cognitive dissonance : Describes the connection between self-attribution and cognitive dissonance - A summary of the research regarding the theoretical and empirical approaches to understanding the mental processes of self-attribution and cognitive dissonance

Sql queries to display names : Write a SQL statement to display Students' First and Last Name.

Prepare the income statement for tyler service company : What is the net realizable value of the accounts receivable at December 31,2013?

What ethical dilemmas does situation pose for drug companies : What ethical dilemmas does this situation pose for drug companies? Do other types of companies face similar dilemmas? Identify and read two to three other articles on professional ethics and the concept of intellectual property.

Weighted average-implied by two outstanding debt issues : Dinklage Corp. has 6 million shares of common stock outstanding. The current share price is $85, and the book value per share is $8. The company also has two bond issues outstanding. Assume that the overall cost of debt is the weighted average of tha..

What will the value of the firm be if company takes on debt : Jet Corporation expects an EBIT of $26,500 every year forever. The company currently has no debt, and its cost of equity is 15 percent. The corporate tax rate is 35 percent. Suppose the company can borrow at 10 percent. What will the value of the fir..

Inventories are stated at lower of cost or market : You notice in the notes to the financial statements that “Inventories are stated at lower of cost or market. Cost is determined on the first-in, first-out basis.” How would the financial statements differ if the company used LIFO instead of FIFO? How..

User Account

All Pages

Prepare the income statement for tyler service company

Reference no: EM13929724

Reference no: EM13929724

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT