Strategic Managerial Accounting: Income Statement Assessment Answer

Questions:

1. Prepare journal entries for the September transactions.

2. Prepare the income statement of Best Foot Forward, Inc., for the month ended September 20XX.

3. Prepare the entity’s statement of retained earnings for the month ended September 30, 20XX.

Answers:

1. Journal Entries

Particulars	-align: justify;">Dr	Cr	Particulars	Dr	Cr	Particulars	Dr	Cr
Cash a/c	20,000		Cash a/c	700		Accounts Payable a/c	8000
Common stock a/c		20,000	Service Revenue a/c		700	Cash a/c		8000
Particulars	Dr	Cr	Particulars	Dr	Cr	Particulars	Dr	Cr
Supplies a/c	1000		Cash a/c	1000		Cash a/c	1000
Accounts Payable a/c		1000	Accounts Receivables a/c		1000	Common stock a/c		1000

Particulars	Dr	Cr	Particulars	Dr	Cr	Particulars	Dr	Cr
Accounts Receivables a/c	3000		office rent a/c	900		advertising a/c	100
Service Revenue a/c		3000	cash a/c		900	cash a/c		100

Particulars	Dr	Cr	Particulars	Dr	Cr
drawings a/c	1500		cash a/c	100
cash a/c		1500	supplies a/c		100

2. Income Statement

Best Foot Forward Inc.
Income Statement
Month Ended September 30, 20XX
Revenues
Service revenue ($700 + $3,000)		$ 3,700.00
Expenses
Rent expense	$ 900.00
Advertising expense	$ 100.00
Total expenses		$ 1,000.00
Net income		$ 2,700.00

Equity Statement

Best Foot Forward Inc.
Statement of Owner’s Equity
Month Ended September 30, 20XX
Particulars	Amount	Amount
Marilyn Crone, capital, August 31, 20XX	$7,700
Add: Investments by owner ($20,000 + $1,000)	21,000
Net income for the month	2,700
		31,400
Less Withdrawals by owner	(1,500)
Marilyn Crone, capital, September 30, 20XX		$29,900

3. Balance Sheet

Best Foot Forward Inc.
Balance Sheet
At September 30, 20XX
ASSETS	Amount	LIABILITIES	Amount
Cash	$14,500	Accounts payable	$1,000
Accounts receivable	3,500
Supplies	900	OWNER’S EQUITY
Land	12,000	Marilyn Crone, capital	29,900
		Total liabilities and
Total assets	$30,900	owner’s equity	$30,900

References

Jones, Tracy, Helen Atkinson, and Angela Lorenz. Strategic Managerial Accounting. Oxford: Goodfellow Publishers Ltd, 2012. Print.

Needles, Belverd E, and Marian Powers. Financial Accounting. Mason, OH: South-Western Cengage Learning, 2012. Print.

Shim, Jae K, Joel G Siegel, and Jae K Shim. Financial Accounting. New York: McGraw-Hill, 2012. Print.

Weygandt, Jerry J, Donald E Kieso, and Paul D Kimmel. Financial Accounting. Hoboken, N.J.: Wiley, 2012. Print.

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