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Betty Smith is the owner of Accurate Tax Service. For the year ending April 30, 2019, the following information is available for this service business. At the beginning of this accounting period, the balance in the Betty Smith, Capital account was $31,800. Following is a summary of activities during this accounting period: Betty Smith, capital withdrawn: $17,100 Revenue from income tax preparation: $71,400 Revenue from monthly clients: $45,600 Salaries expense: $11,000 Advertising expense: $630 Rent expense: $7,000 Automobile expense: $1,100 Office supplies expense: $7,200.

Betty Smith is the owner of Accurate Tax Service. For the year ending April 30, 2019, the following information is available for this service business. At the beginning of this accounting period, the balance in the Betty Smith, Capital account was $31,800. Following is a summary of activities during this accounting period: Betty Smith, capital withdrawn: $17,100 Revenue from income tax preparation: $71,400 Revenue from monthly clients: $45,600 Salaries expense: $11,000 Advertising expense: $630 Rent expense: $7,000 Automobile expense: $1,100 Office supplies expense: $7,200.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Betty Smith is the owner of Accurate Tax Service. For the year ending April 30, 2019, the following information is available for this service business. At the beginning of this accounting period, the balance in the Betty Smith, Capital account was $31,800. Following is a summary of activities during this accounting period: Betty Smith, capital withdrawn: $17,100 Revenue from income tax preparation: $71,400 Revenue from monthly clients: $45,600 Salaries expense: $11,000 Advertising expense: $630 Rent expense: $7,000 Automobile expense: $1.100 Office supplies expense: $7,200. Note: You should assume that all profit (or loss) accrued during this accounting period is absorbed into the Betty Smith, Capital account at the end of the period. Following are the account balances at the end of this accounting period (except Betty Smith, Capital): Cash: $59,600 Accounts receivable: $3,800 Office furniture and fixtures: $12,200 Office machines and computers: $17,000 Automobile: $8,300 Accounts payable: $1,400
Transcribed Image Text:Betty Smith is the owner of Accurate Tax Service. For the year ending April 30, 2019, the following information is available for this service business. At the beginning of this accounting period, the balance in the Betty Smith, Capital account was $31,800. Following is a summary of activities during this accounting period: Betty Smith, capital withdrawn: $17,100 Revenue from income tax preparation: $71,400 Revenue from monthly clients: $45,600 Salaries expense: $11,000 Advertising expense: $630 Rent expense: $7,000 Automobile expense: $1.100 Office supplies expense: $7,200. Note: You should assume that all profit (or loss) accrued during this accounting period is absorbed into the Betty Smith, Capital account at the end of the period. Following are the account balances at the end of this accounting period (except Betty Smith, Capital): Cash: $59,600 Accounts receivable: $3,800 Office furniture and fixtures: $12,200 Office machines and computers: $17,000 Automobile: $8,300 Accounts payable: $1,400
Prepare an income statement for the year ending April 30, 2019. ACCURATE INCOME Year Ended REVENUE EXPENSES Salaries TAX SERVICE Rent STATEMENT April 30, 2019 $ 5. Advertising $ $ Automobile $ Office Supplies $ NET INCOME $
Transcribed Image Text:Prepare an income statement for the year ending April 30, 2019. ACCURATE INCOME Year Ended REVENUE EXPENSES Salaries TAX SERVICE Rent STATEMENT April 30, 2019 $ 5. Advertising $ $ Automobile $ Office Supplies $ NET INCOME $
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