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Chapter 3—The Matching Concept and the Adjusting Process
Supplies Expense 1,600
Supplies 1,600
Insurance Expense 1,600
Prepaid Insurance 1,600
Depreciation Expense
1,500
Accumulated Depreciation 1,500
Unearned Fees 4,500
Fees Earned 4,500
Wages Expense 4,000
Wages Payable 4,000
DIF: 3 OBJ: 04
Prepare a vertical analysis of the information given.
Carlos Ruis, Attorney At Law
Income Statement
For the Year Ended Dec. 31, 2005
Fees earned
$100,000 Operating expenses:
Wages expense $ 30,000 Rent expense
20,000 Total operating expenses $ 50,000 Net income $ 50,000 =======
ANS:
Carlos Ruis, Attorney At Law
Income Statement
For the Year Ended Dec. 31, 2005
85
13. Chapter 3—The Matching Concept and the Adjusting Process
Fees earned
Operating expenses: Wages expense Rent expense
Total operating expenses Net income
100,000 ÷ 100,000 = 100% 30,000 ÷ 100,000 = 30% 20,000 ÷ 100,000 = 20% 50,000 ÷ 100,000 = 50% 50,000 ÷ 100,000 = 50%
DIF: 3 OBJ: 05
Amount $100,000 $ 30,000 20,000 $ 50,000 $ 50,000 =======
Percent 100% 30% 20% 50% 50%
86