Financial Analysis Assignment

ACG 2022 - Principles of Financial Accounting

Homework Portfolio

As you progress through your textbook, you will be able to work on these problems. You can do them in Microsoft Word or Microsoft Excel (any edition.) Please save all problems on ONE file. Do NOT upload problems individually. See the due date in your syllabus.

Solution 1:

Income Statement of Trendsetter Travel Services for the year ended December 31, 2011

$$

Sales (Fees Earned)70,000

Less: Cost of Sales (Supplies Expense)(1,700)

Gross Profit68,300

Less: Administrative Expenses

Rent Expense10,000

Utility Expense8,000

Wages Expense25,000(43,000)

Earnings before tax25,300

Less: Taxation(1,300)

Profit for the year24,000

Statement of Owner's Equity of Trendsetter Travel Services as at December 31, 2011

$

Opening Balance10,000

Add: Profits24,000

Less: ...