Prepare an Income Statement for the Year Ended December 31,2012

question 63

Essay

Prepare an income statement for the year ended December 31,2012 from the adjusted trial balance below.
Deavours Photography
Adjusted Trial Balance
December 31,2012
$\begin{array}{|l|r|r|}\hline\text { Accounts } & \text { Debit } & \text { Credit } \\\hline \text { Cash } & \$ 2,000 & \\\hline \text { Prepaid insurance } & 2,000 & \\\hline \text { Office supplies } & 600& \\\hline \text { Office equipment } & 16,000 \\\hline \text { Accumulated depreciation } & & \$ 3,000 \\\hline \text { Accounts payable } & & 5,000 \\\hline \text { Salaries payable } & & 900 \\\hline \text { Unearned servicerevenue } & & 2,500 \\\hline \text { C. Devours, capital } & & 7,450 \\\hline \text { C. Devours, drawing } & 5,600 & \\\hline \text { Service revenue } & & 15,350 \\\hline \text { Salaries expense } & 4,600 & \\\hline \text { Depreciation expense } & 1,000 & \\\hline \text { Supplies expense } & 400 & \\\hline \text { Insurance expense } & 2,000 & \\\hline \text { Totals } & \$ 34,200 & \$ 34,200\\\hline\end{array}$

Calculate simple moving averages and understand their implications on stock prices.

Analyze the impact of stock splits on shares outstanding and shareholder equity.

Determine partner investment proportions and their business ownership percentages.

Evaluate the effects of reverse stock splits on outstanding shares and market price per share.

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Definitions:

Posterior Cerebral Hemisphere

Refers to the back portion of the cerebral hemisphere, responsible for processing visual and spatial information.

Central Cerebral Hemisphere

The left and right hemispheres of the brain, responsible for various cognitive, sensory, and motor functions.

Right Cerebral Hemisphere

The half of the brain that is typically associated with creativity, spatial ability, visual imagery, and the processing of music and nonverbal content.

Mirror Neurons

Neurons that fire both when an individual acts and when the individual observes the same action performed by another, thought to play a role in learning, empathy, and understanding others' actions.