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Income statement. This statement is prepared to help assess the financial performance of the business. It
summarizes the revenues earned and expenses incurred over the month of June.
Statement of stockholders' equity. This statement shows the movements in equity over the month of June.
Balance sheet. This statement reports the financial position of the business at the end of June. It presents the
assets, liabilities and equity of the business as at June 30, 2019.
Using the company's accounting policies found in the policies and procedures popup, and appropriate information from
previous pages of the practice set:
To begin, select the appropriate accounts using a popup link. Note that when you select an account, brackets may
automatically appear around the input box in which you are asked to enter the balance of the account. Next, enter all
values as positive amounts because amounts to be subtracted are indicated on the income statement with brackets
around the input box. To complete the income statement, you are required to select items from drop-down lists.
Brackets will be displayed if you select loss.
After taking a physical count of inventory, the balance of inventory on hand as at June 30 is $73,289. You will need to
use this information to calculate cost of goods sold under the periodic inventory system.
You may not need to use all of the lines in the income statement.
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Most values are to be entered in the input boxes as positive amounts, because amounts to be subtracted are already
indicated on the statement with brackets around the input box. Note that you are required to select income/loss from
a drop-down list. Brackets will be displayed if you select loss.
To begin, select the appropriate accounts using a popup link. Note that when you select an account, brackets may
automatically appear around the input box in which you are asked to enter the balance of the account. Next, enter all
values as positive amounts because amounts to be subtracted will be indicated on the balance sheet with brackets
around the input box.
Remember that the balance of inventory on hand as at June 30 is $73,289. You will need to use this information to
complete the balance sheet.
You may not need to use all of the lines in the balance sheet.
Back-On-Track functionality
Please note that any answers from previous pages carried through onto this page (either on the page or in a
popup information page) have been reset, if necessary, to the correct answers. Your particular answers from
previous pages are no longer shown.
Remember:
Before pressing the Submit answers button, we recommend that you click the Show All tab and check that all relevant
accounting records have been completed.
(Q=951.incomeStatement)
Spine Tinglers
Income Statement
For the month ended June 30, 2019
INCOME $ $ $
Revenue
Sales Revenue 76677
Sales Returns and Allowances ( 3023 )
Sales Discounts ( 72 )
( 21406 )
( )
( )
( )
( )
( )
( )
( )
Total selling expenses ( 21266 )
General and administrative expenses
Water Expense ( 248 )
Rent Expense ( 2500 )
Electricity Expense ( 810 )
Insurance Expense ( 630 )
Office Supplies Expense ( 3675 )
Depn Expense: Office Furniture ( 83 )
Depn Expense: Office Equipment ( 389 )
( )
Admin. Expense - Bank Charges ( 5)
( )
Total general and administrative expenses ( 8340 )
Other expenses
Interest Expense ( 215 )
( )
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Feedback
Spine Tinglers
Income Statement
For the month ended June 30, 2019
INCOME $ $ $
Revenue
Sales Revenue 76,677
Sales Returns and Allowances (3,023)
Sales Discounts (72)
Net sales revenue 73,582
COST OF GOODS SOLD (21,406)
GROSS PROFIT 52,176
OPERATING EXPENSES
Selling expenses
Advertising Expense (3,000)
Wages Expense (12,666)
Total selling expenses (15,666)
General and administrative expenses
Rent Expense (2,500)
Electricity Expense (810)
Water Expense (248)
Insurance Expense (630)
Office Supplies Expense (3,675)
Salary Expense (5,600)
Depn Expense: Office Furniture (83)
Depn Expense: Office Equipment (389)
Admin. Expense - Bank Charges (5)
Total general and administrative expenses (13,940)
TOTAL OPERATING EXPENSES (29,606)
INCOME FROM OPERATIONS 22,570
Other revenues
Interest Revenue 346
Other expenses
Interest Expense (215)
NET INCOME 22,701
(Q=952.statementOfChangesInEquity)
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Spine Tinglers
Statement of Stockholders' Equity
For the month ended June 30, 2019
COMMON STOCK $
Opening balance, May 31, 2019 65000
Issue of common stock 0
RETAINED EARNINGS
Opening balance, May 31, 2019 132899
Dividend paid ( 0)
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Spine Tinglers
Statement of Stockholders' Equity
For the month ended June 30, 2019
COMMON STOCK $
Opening balance, May 31, 2019 65,000
Issue of common stock 0
Closing balance, June 30, 2019 65,000
RETAINED EARNINGS
Opening balance, May 31, 2019 132,899
Net income for the period 22,701
Dividend paid (0)
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(Q=953.balanceSheet)
Spine Tinglers
Balance Sheet
June 30, 2019
ASSETS $ $ $
Current Assets
Cash 94621
Short-term Investments 24000
ARC - Accounts Receivable Control 28860
Interest Receivable 120
Merchandise Inventory 73289
Office Supplies 3982
Prepaid Rent 2500
Prepaid Advertising 6000
Prepaid Insurance 2520
Total Current Assets 235892
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LIABILITIES
Current Liabilities
APC - Accounts Payable Control 1020
Wages Payable 1360
Electricity Payable 810
Water Payable 248
Interest Payable 215
Long-term Liabilities
Bank Loan Payable 43000
STOCKHOLDERS' EQUITY
Common Stock 65000
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Spine Tinglers
Balance Sheet
June 30, 2019
ASSETS $ $ $
Current Assets
Cash 94,621
Short-term Investments 24,000
ARC - Accounts Receivable Control 28,860
Interest Receivable 120
Merchandise Inventory 73,289
Office Supplies 3,982
Prepaid Rent 2,500
Prepaid Advertising 6,000
Prepaid Insurance 2,520
Total Current Assets 235,892
LIABILITIES
Current Liabilities
APC - Accounts Payable Control 1,020
Wages Payable 1,360
Electricity Payable 810
Water Payable 248
Interest Payable 215
Total Current Liabilities 3,653
Long-term Liabilities
Bank Loan Payable 43,000
TOTAL LIABILITIES 46,653
STOCKHOLDERS' EQUITY
Common Stock 65,000
Retained Earnings 155,600
TOTAL EQUITY 220,600
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