116) Following is an alphabetical list of the assets, liabilities, revenues, and expenses of Keykin Inc. Prepare an income statement for the year ended September 30, 2011.
Accounts payable$2,800Note payable$4,000
Accounts receivable5,400Rent expense10,200
Advertising expense3,600Salary expense12,100
Cash9,100Salary payable 900
Cost of goods sold31,700Sales revenue75,800
Inventory7,900Supplies1,800
Interest expense800Utilities expense700
117) Snow Inc. gathered together the following information regarding the asset, liability, shareholders' equity, revenue, and expense accounts as of the end of its first year in operations, July 31, 2011:
Rent expense$7,500Dividends$10,200
Truck14,600Accounts payable6,700
Supplies2,500Service revenue45,500
Salary expense19,400Salary payable 1,200
Accounts receivable8,200Utilities expense5,000
Note payable11,000Interest expense1,500
Common shares25,000Cash20,800
Prepare an income statement for Snow Inc. for the year ended July 31, 2011.
118) The following alphabetical listing shows the assets, liabilities, and shareholders' equity for Zap Ltd. as of December 31, 2010. Prepare a balance sheet dated December 31, 2010.
Accounts payable$12,200Inventory$23,500
Accounts receivable21,000Note payable11,000
Cash21,600Retained earnings17,100
Common shares50,600Salary payable 2,300
Equipment24,600Supplies2,500