This topic contains a solution. Click here to go to the answer

Author Question: A Cut Above, Inc. has the following accounts with normal balances on its December 31, 2011 adjusted ... (Read 73 times)

fbq8i

  • Hero Member
  • *****
  • Posts: 527
A Cut Above, Inc. has the following accounts with normal balances on its December 31, 2011 adjusted trial balance after its first month of business.
 
  Cash  400
  Accounts receivable 300
  Insurance expense 200
  Equipment 600
  Accumulated depreciation 100
  Depreciation expense 100
  Service revenue 1,000
  Wages payable 100
  Wages expense 400
  Supplies expense 100
  Common stock 1,000
  Dividends 100
 
   A. Prepare A Cut Above's income statement, statement of changes in shareholders' equity, and classified balance sheet for the month ended and at December 31, 2011.

Question 2

The ___________________ _ balance sheet shows the liabilities and owner's equity sections below the asset section.
 Fill in the blank(s) with correct word



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

mmpiza

  • Sr. Member
  • ****
  • Posts: 354
Answer to Question 1

A Cut Above, Inc.
Income Statement
For the Month Ended December 31, 2011
Service revenue 1,000
Expenses:
Wages Expense 400
Insurance expense 200
Depreciation expense 100
Supplies expense 100 800
Net income 200

A Cut Above, Inc.
Statement of Changes in Shareholders' Equity
For the Month Ended December 31, 2011
Beginning Common Stock  0
Common Stock Issued 1,000
Ending Common Stock 1,000

Beginning Retained Earnings  0
Net income 200
Dividends 100
Ending retained earnings 100
Total shareholders' equity 1,100

A Cut Above, Inc.
Balance Sheet
At December 31, 2011
Current assets Current liabilities
Cash  400 Wages payable  100
Accounts receivable 300
Total current assets 700 Shareholders' equity
Equipment (net of 100 Common stock 1,000
accumulated depreciation) 500 Retained earnings 100
Total shareholders' equity 1,100
Total liabilities and
Total assets 1,200 shareholders' equity 1,200

Answer to Question 2

report form




fbq8i

  • Member
  • Posts: 527
Reply 2 on: Jul 5, 2018
Wow, this really help


ecabral0

  • Member
  • Posts: 310
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

Did you know?

Human kidneys will clean about 1 million gallons of blood in an average lifetime.

Did you know?

Most fungi that pathogenically affect humans live in soil. If a person is not healthy, has an open wound, or is immunocompromised, a fungal infection can be very aggressive.

Did you know?

More than 34,000 trademarked medication names and more than 10,000 generic medication names are in use in the United States.

Did you know?

To combat osteoporosis, changes in lifestyle and diet are recommended. At-risk patients should include 1,200 to 1,500 mg of calcium daily either via dietary means or with supplements.

Did you know?

Prostaglandins were first isolated from human semen in Sweden in the 1930s. They were so named because the researcher thought that they came from the prostate gland. In fact, prostaglandins exist and are synthesized in almost every cell of the body.

For a complete list of videos, visit our video library