On December 1, 2023, Steve Moore organized a new company called Gulf Corp. On the last day of that month, the company's records showed the items listed below. Use this information to prepare the December income statement and statement of changes in equity as well as the balance sheet at December 31 for Gulf Corp.Advertising expense 108,500 Cash 34,500 Commissions earned 81,500 Consulting revenue earned 122000 Dividends 13000 Furniture 46500 Interest expense 15000 Interest payable 17500 Land 100500 Notes receivable 77500 Rent earned 42000 Share capital 134000 Short-term notes payable 72500 Utilities expense 74000 a) Complete the income statement using the format provided. b) Complete the statement of changes in equity using the format provided. c) Complete the Balance Sheet.
On December 1, 2023, Steve Moore organized a new company called Gulf Corp. On the last day of that month, the company's records showed the items listed below. Use this information to prepare the December income statement and statement of changes in equity as well as the balance sheet at December 31 for Gulf Corp.Advertising expense 108,500 Cash 34,500 Commissions earned 81,500 Consulting revenue earned 122000 Dividends 13000 Furniture 46500 Interest expense 15000 Interest payable 17500 Land 100500 Notes receivable 77500 Rent earned 42000 Share capital 134000 Short-term notes payable 72500 Utilities expense 74000 a) Complete the income statement using the format provided. b) Complete the statement of changes in equity using the format provided. c) Complete the Balance Sheet.
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter4: Completing The Accounting Cycle
Section: Chapter Questions
Problem 7E: FedEx Corporation had the following revenue and expense account balances (in millions) for a recent...
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