Please fill the blanks and show the steps of calculation: List Of Accounts Admin
ID: 2407262 • Letter: P
Question
Please fill the blanks and show the steps of calculation:
List Of Accounts
Administrative ExpensesAdvertising Expense
Cost of Goods Sold
Depreciation Expense
Dividend Revenue
Dividends Paid
Dividends Payable
Entertainment Expense
Freight-in
Freight-out
Gain on Disposal of Building
Gain on Sale of Equipment
Gain on Sale of Land
Income Tax Expense
Insurance Expense
Interest Expense
Interest Income
Investment Revenue
Loss on Disposal of Building
Loss on Disposal of Equipment
Loss on Disposal of Land
Merchandise Inventory Consumed
Rent Expense
Rent Revenue
Salaries and Wages Expense
Salaries and Wages Payable
Sales Discounts
Sales Returns and Allowances
Sales Revenue
Selling Expenses
Utilities Expense Wildhorse Ltd. is a Canadian public company. Following are the partial trial balances for Wildhorse as at December 31 2018 2017 $51,500 $30,200 Accounts receivable Salaries and wages payable 17,100 26,600 Income tax payable Prepaid insurance Accumulated depriion 96,600 78,700 Interest payable 12,900 17,300 8,400 4,100 2,900 9,000 70 0ri ometa es 900 for i surance and 52 200 for During 2018 Wildhorse collected $380,000 n cash from its customers. Wildhorse also paid out cash of $152 000 for ages, $6 interest. Prepare a single-step income statement for Wildhorse Ltd. for the year ended December 31, 2018 Wildhorse Ltd. Income Statement For the year ended December 31, 2018 Revenue
Explanation / Answer
Solution:
Wildhorse Ltd Income Statement For the year ended December 31, 2018 Particulars Amount Sales Revenue ($380,000 + $51,500 - $30,200) $401,300.00 Operating Expenses: Salaries and Wages expense ($152,000 + $17,100 - $26,600) $142,500.00 Insurance Expense ($40,900 - $8,400 + $4,100) $36,600.00 Depreciation Expense ($96,600 - $78,700) $17,900.00 Total Operating expenses $197,000.00 Earning before interest and taxes $204,300.00 Interest Expense ($25,200 + $2,900 - $9,000) $19,100.00 Earning before taxes $185,200.00 Income Tax Expense ($64,700 + $12,900 - $17,300) $60,300.00 Net Income $124,900.00