Financial Statements Analysis for Rapid Delivery Service

School: Chattanooga State Community College - Course: ACCT 1010 - Subject: Accounting

EXERCISE 3.21 (a)RAPID DELIVERY SERVICE Trial Balance July 31, 2022 DebitCredit Cash ($98,370 - Debit total without Cash $85,946)....................................................................Accounts Receivable..................................................Prepaid Insurance.......................................................Equipment....................................................................Accounts Payable.......................................................Salaries and Wages Payable......................................Notes Payable (due 2020)...........................................Common Stock............................................................Retained Earnings.......................................................Dividends.....................................................................Service Revenue.........................................................Salaries and Wages Expense.....................................Maintenance and Repairs Expense...........................Insurance Expense.....................................................$12,424 13,400 2,200 59,360 700 7,428 1,958 900 $98,370$ 8,400 820 28,450 40,000 5,200 15,500 $98,370 [(Cash + Accts. rec. + Prepd. ins. + Equip. + Div. + Sal. & wages exp. + Maint. & repairs exp. + Ins. exp.) = (Accts. pay. + Sal. & wages pay. + Notes pay. + Common stk. + Ret. earn. + Serv. rev.)] [(($98,370 - $85,946) + $13,400 + $2,200 + $59,360 + $700 + $7,428 + $1,958 + $900) = ($8,400 + $820 + $28,450 + $40,000 + $5,200 + $15,500)]
EXERCISE 3.21 (Continued) (b)RAPID DELIVERY SERVICE Income Statement For the Month Ended July 31, 2022 Revenues Service revenue.................................................. $15,500 Expenses Salaries and wages expense.............................$7,428 Maintenance and repairs expense....................1,958 Insurance expense.............................................900 Total expenses................................................ 10,286 Net income..............................................................$ 5,214 (Serv. rev. - Tot. exp. = Net inc.) [$15,500 - ($7,428 + $1,958 + $900) = $5,214]

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