E4-10 (Algo) Determining Ad]usted Income Statement Account Balances [LO 4-1, LO 4-2] Partial comparative income statements are presented below for Commonplace Corporation. The company's manager provides the following additional information: a. The company received a bill for $2,500 of electricity and other utility services used in December 2021 , but recorded it only when paid in January 2022 b. A customer's $15,500 payment was received and included as service revenue on January 2,2021 , even though it was for services performed in December 2020 . c. The company ordered $5,500 of supplies in December 2021 , but only recorded them when they were received, used, and paid for in January 2022 a. The company did not record December 2019 salaries of $31,000 until the employees were paid on January 2, 2020. Salaries for December 2020 and December 2021 were recorded in the proper years. Requlred: Using the above information, revise the comparative income statement to report the proper amounts for each year. (Assume all other transactions and events, such as income taxes, have been properly recorded but are just not displayed on the partial income statements.)
Other questions asked by students
4 Square planar Diamagnetic 125 The hardest lanthanide is 1 La 2 Gd 3 Sm...
Bippy Corporation has 400 in debt and 600 worth of equity First calculuate the capital...
The area satisfying inequality is divided into three parts with the same area. What is...
1. Tebogo Ltd Manufactures and markets floaters which they sell for R20 per pack. Current...
Assume Simple Co. had credit sales of $249,000 and cost of goods sold of $149,000...
Majestic Equipment Sales Company, which sells only on account, had a $136,000 balance in its...
Managerial accounting Which of the following would be relevant in the make or buy...