Question

can I have the financial statements of pat's retail store please?

Pat's_Retail_Stores_Excel_Test (U.X154 Open All Files Apps to open this extension: More info about this extension: About this extension... Preview Information Hexdump Pat's Retall Stores Work Sheet For Year Ended December 31, 2015 Unadjusted Trial Balance Adjustments No. Account Title CR DR 215,000 70,000 a) 13,00 41,000 29,000 4,300 618,000 30,00 (c) 95.000 70,000 15,000 (d) 34,30 45,000 30,000 (e) 5.00 210 101 Cash 126 Marketable Securities 127 Inventory 131 Trade Receivables 167 Equipment 168 Accumulated depreciation Equipment 176 Land 186 Patents 201 Accounts payable 203 Interest payable 208 Rent payable Wages payable 213 Dividends payable 251 Long-term notes payable 301 Common Stock 305 Retained Earnings 401 Sales 501 Cost of Goods Sold 612 Depreciation Equipment 633 Advertising expenses 637 Insurance expense 640 Rent expense 652 Supplies expense 683 Wages expense 684 interest expense 686 Repairs expense 690 Utilities expense Totals 136,000 200.000 336.000 659.000 (b) 4,30 200,000 21.000 13.000 30,000 5.000 4.300 1.000 3.000 21.000 5.000 87,000 70.000 32,000 12,000 1.501,000 (d) 1,501.000 21,000 86,600 Requirements: 1) Complete adjusted trial balance of worksheet 2) Use your completed worksheet to prepare (a)an Income Statemem. th) Statement of Owner's Equity and fe) a Classified B MacBook Air %

   that's the same exercise.

Answer 1

Answer:

Financial statements of Pat's Retail Store:

Pat's Retail Store Income Statement For the Period Ended December 31, 2015 663,300 213,000 450,300 Sales Cost of Good sold Gross Profit Operating Expenses Depreciation Expense - Equipment Rent Expense Wages Expense Supplies Expense Insurance Expense Advertising Expense Repairs Expense Utilities Expense Total Operating expenses Operating Income Interest expense Net Income 30,000 22,000 92,000 3,000 4,300 26,000 32,000 33,000 242,300 208,000 70,000 138,000

Pat's Retail Store Statement Changes in Owner's Equity For the Period Ended 12/31/2019 Retained Common Stock Total Earnings Beginning Balance, Jan 1, 2015 $200,000 336,000 $536,000 Net Income during 2015 138,000 $138,000 New common stock issued Dividends $0 Ending Balance Dec 31, 2015 200,000 474,000 $674,000 SO $0

Assets Pat's Retail Store Classified Balance Sheet As of period Ended December 31, 2015 Liabilities and Stockholders Equity Current Liabilities: 215,000 Accounts payable 70,000 Wages payable 33,300 Interest Payable 28,000 Total current liabilities Current Assets: Cash Marketable securities Tarde receivable Inventory 79,300 5,000 30,000 114,300 346,300 Long-term Liabilities Long-term Notes Payable 70,000 Total liabilities 136,000 250,300 Total Current Assets Property, Plant $ Equipment: Land Equipment 618,000 Accumulated Depreciation - Equip (125,000) Equipment-net Total Property, plant and Equipment Intangible Assets Patents 493,000 Stockholders' Equity: 563,000 Common Stock Retained Earnings 15,000 Total stockholders' equity 200,000 474,000 674,000 Total assets 924,300 Total liabilities and stockholders' equity 924,300