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Chapter 4: Q2RQ (page 216)
What does the income statement report?
Income statement report revenues, expenses of the entity for the period, and calculates net income or net loss for the period.
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What is a classified balance sheet?
For each account listed, identify whether the account is a temporary account (T) or a permanent account (P). a. Rent Expense b. Prepaid Rent c. Equipment d. Common Stock e. Salaries Payable f. Dividends g. Service Revenue h. Supplies Expense i. Office Supplies.
For each account listed, identify whether the account would appear on the post-closing trial balance. Indicate either yes or no.
17. Service Revenue
The unadjusted trial balance of Data Solution at November 30, 2018, follows: DATA SOLUTION Unadjusted Trial Balance November 30, 2018 Account Title Prepaid Rent Cash Debit Credit Accounts Receivable Office Supplies Equipment Accumulated Depreciation—Equipment Accounts Payable Salaries Payable Common Stock Dividends Service Revenue Depreciation Expense—Equipment Salaries Expense Rent Expense Utilities Expense Supplies Expense Balance \( 4,400 \) 48,300 \( 48,300 5,100 \) 1,500 30,200 32,900 8,800 2,900 2,100 3,100 1,800 3,100 700 Additional information at November 30, 2018: a. Accrued Service Revenue, \(800. b. Depreciation, \)350. c. Accrued Salaries Expense, \(650. d. Prepaid Rent expired, \)700. e. Office Supplies used, $550. Requirements 1. Complete Data Solution’s worksheet for the month ended November 30, 2018. 2. How much was net income for November?
How could a worksheet help in preparing financial statements?
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