Question

The following are accounts balance (in thousands) for Malak Company. Prepare a balance sheet, and Income statement using intermediate steps t=35% for the year ended December 31, 2018.

Net property and equipment	$ 2,000
Accounts receivable	$3,000
Notes payable	$37,000
Revenues	$ 983,000
Supply expenses	$ 255,000
Depreciation expenses	$ 35,000
Labor expense	$300,000
Interest Expenses	$11,000
Stockholders’ Equity	$61,500
Cash & cash equivalents	$97,000
Long-term debt	$3,500

Answer 1

Amount. cess Income statement for the year ended December 31, 2018 Particular Revenues. $ 983,000 Expenses suppley expenses $255,000 Depreciation expense 35,000 labor expense 300,000 Income before interest expense cess: Interest expense. 382,000 ancome before tax. 183,700 less : Income tar @ 35% (382000 x 35/-) 248,300 Net income → 590,000 393,000 11,000 I) Balance sheet of malak company for the year ended 31 pecember 2018 - Assets current Assets cash & cash equivalents. - $97000 Accounts receivable 3000 Non-current Assets Property and Equipment $102,000 pral Assets $100,000 $2000 $37000 Liabilities & stuck holders Equity." current liabilities Note Payable non-cerrent liabilities long term dent stal liabilities stockholders equity total liabilities & stockholders equity 3500 $40,500 $61,500 $102,000

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