Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. mondrian company show the following balances. prep

Mondrian Company show the following balances. Prepare an income statement, statement of retained earnings and a...

Free

50.1K

Verified Solution

Question

Accounting

Mondrian Company show the following balances. Prepare an incomestatement, statement of retained earnings and a balance sheet.
cash 14,900
accounts receivable 6,200
supplies 8,400
equipment 15,900
accounts payable 2,400
common stock 22,000
Retained earnings, December. 31, Year 1 15,900
Retained earnings, December 31, Year 2 7,200
Owner Draw 14,200
Consulting revenue 45,200
rental revenue. 17,400
salaries expense 18, 500
rent expense 16,700
selling and administrative expenses 8,100
Mondrain Income Statement Year 2
Total Revenue ?
Expenses ?
Total Expenses ?
Net Income (Revenue-Expense) ?

Armani Company Statement of Retained Earnings Dec 31, Year2
Retained earnings Dec 31, Year 1
Add Net income ?
Less owner draw ?
retained earnings Dec 31, Year 2

Mondrain Company Balance Sheet Dec 31, Year 2
Assets ?
Liabilities ?
Total Liabilities ?
Equity ?
Total Equity?
Total Assets ?
Total liabilities and equity?

Answer & Explanation Solved by verified expert
3.7 Ratings (572 Votes)

                                  MONDRAIN
                             Income Statement
                               Year 2
Revenues :
Consulting Revenue $ 45,200
Rental Revenue $ 17,400
Total Revenues $ 62,600
Less: Expenses:
Salaries expense $ 18,500
Rent expense $ 16,700
Selling and administrative expense $ 8,100
Total expenses ($ 43,300)
Net Income $ 19,300
                                  MONDRAIN
                             Retained Earnings
                               December 31, Year 2
Retained earnings December 31,Year 1 $ 15,900
Add: Net income $ 19,300
Less: owner draw ($14,200)
Retained earnings December 31,Year 2 $ 21,000
                                  MONDRAIN
                             Balance Sheet
                               December 31, Year 2
Assets :
Current assets :
Cash $ 14,900
Accounts receivable $ 6,200
Supplies $ 8,400
Total Current assets $ 29,500
Property , plant and equipment :
Equipment $ 15,900
Total assets $ 45,400
Liabilities and shareholder's equity :
Current liabilities :
Accounts payable $ 2,400
Shareholder's equity :
Common stock $ 22,000
Retained earnings $21,000
Total shareholder's equity $ 43,000
Total liabilities and shareholder's equity $ 45,400

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The increase in carbon dioxide is thought to have led to the development of more...

Biology
Q

3 The maximum velocity of a particle executing simple harmonic motion is v If the...

Physics
Q

An AC source of angular frequency w is connected with a resistance R and an...

Physics
Q

6 Assume x y z f x g y h z separate the partial differential...

Calculus
Q

what is the minimun degree of a polynomal equation with rational coefficients one of whose...

Algebra
Q

3x 1 5x Find the quotient of the following 12x 6 10x 5x

Algebra
Q

Please help!!! Exercise 15-5 (Algo) Sales-type lease; lessor; balance sheet and Income statement...

Accounting
Q

Steinbarr Builders builds 1,500-square-foot starter tract homes in the fast-growing suburbs of Atlanta. Land and...

Accounting
Q

For better understanding of the data, compute the average service months and the average number...

Accounting
Q

Penny Hassan runs the Shear Beauty Salon near a college campus. Several months ago, Penny...

Accounting
Q

ECON 2305 Suppose that in some tax year you earned a nominal interest rate of...

Accounting
Q

A firm wants to use a CALL option to hedge CAD 10 million in payables...

Finance