Question

Presented here are the accounts of for the year ended , .

Answer 1

The provided accounts offer an overview of [company/organization]'s financial status and performance for the period ending [specific date].

Step-by-step explanation:

These accounts serve as a comprehensive summary of the financial activities, profits, losses, assets, and liabilities of the entity throughout the stated period. They include vital statements like the income statement, balance sheet, and cash flow statement, allowing stakeholders to gauge the company's financial health, profitability, and liquidity.

The income statement reveals revenue, expenses, and net income, indicating the organization's operational efficiency. Meanwhile, the balance sheet portrays assets, liabilities, and equity, offering insights into the company's solvency and overall worth. Additionally, the cash flow statement tracks the flow of cash in and out of the business, emphasizing its liquidity and ability to meet financial obligations.

Understanding these accounts is crucial for investors, creditors, management, and other stakeholders to make informed decisions. They provide a snapshot of the company's performance, aiding in strategic planning, evaluating growth prospects, and identifying areas that need improvement. Analyzing trends over different periods also helps in assessing the company's financial stability and growth trajectory.

Here is complete question;

"Presented here are the accounts for the year ended [specific date], showcasing the financial performance and position of [company/organization] during this period."

Answer 2

1. Income Statement for Dog Gone It Daycare for the Year Ended December 31, 2018:

- Service Revenue: $240,000

- Advertising Expense: $9,000

- Property Tax Expense: $1,600

- Rent Expense: $1,200

- Salaries Expense: $28,000

- Insurance Expense: $2,000

- Interest Expense: $2,500

- Net Income: $195,700

Step-by-step explanation:

2. The income statement summarizes the revenues and expenses of Dog Gone It Daycare for the year ended December 31, 2018. To calculate the net income, we subtracted the total expenses (Advertising Expense, Property Tax Expense, Rent Expense, Salaries Expense, Insurance Expense, and Interest Expense) from the total revenue (Service Revenue). The resulting net income is $195,700.

It's important to note that all the values were taken directly from the provided accounts, and calculations were performed accordingly. For instance, the total expenses include various costs such as advertising, property tax, rent, salaries, insurance, and interest. These are subtracted from the total service revenue to determine the net income.

3. Key Insights:

The net income derived from the income statement is a crucial figure as it represents the profitability of Dog Gone It Daycare during the specified period. This information is valuable for stakeholders, investors, and management to assess the financial health of the daycare business. It is also essential for making informed decisions about the company's future operations and investments.

Complete Question:

Presented here are the accounts of Dog Gone It Daycare for the year ended December 31, 2018. (Click the icon to view the accounts.) Requirements 1. Prepare Dog Gone It Daycare's income statement. 2. Prepare the statement of retained earnings. 3. Prepare the balance sheet. Requirement 1. Prepare Dog Gone It Daycare's income statement. (Check your spelling carefully and do not abbreviate. When applicable, use only the account names pro problem statement.) Dog Gone It Daycare Statement of Retained Earnings December 31, 2018 Net Income Land $ 14,000 $ Notes Payable Common Stock Accounts Payable Accounts Receivable Advertising Expense Property Tax Expense 28,000 3,300 32,000 9,000 61,000 Dividends Building 25,000 10,000 1,600 20,000 174,700 2,000 14,000 2,500 7,100 Rent Expense Salaries Expense Salaries Payable Service Revenue Cash 1,200 240,000 17,000 Equipment Insurance Expense Interest Expense Office Supplies Retained Earnings, Dec. 31, 2017 54,000