Homework Answers
| Napolean Corporation | |||||
| Income Statement | |||||
| For the year ended December 31, 2016 | |||||
| Sales Revenue | $ 9,000.00 | ||||
| Expenses | $ 5,400.00 | ||||
| Net Income | $ 3,600.00 | ||||
| Napolean Corporation | |||||
| Statement of Shareholder's Equity | |||||
| For the year ended December 31, 2016 | |||||
| Common Stock | Retained Earnings | Total | |||
| Balance, January 1, 2016 | $ 9,000.00 | - | $ 9,000.00 | ||
| Add: Net Income for 2016 | - | $ 3,600.00 | $ 3,600.00 | ||
| Add: Issuance of Common Stock | - | - | - | ||
| Less: Dividends paid | - | $ (1,350.00) | $ (1,350.00) | ||
| Balance, December 31, 2016 | $ 9,000.00 | $ 2,250.00 | $ 11,250.00 | ||
| Napolean Corporation | |||||
| Balance Sheet | |||||
| December 31, 2016 | |||||
| ASSETS | $ | ||||
| Current Assets | |||||
| Accounts Receivable | $ 1,125.00 | ||||
| Cash | $ 675.00 | ||||
| Inventory | $ 1,350.00 | ||||
| Total Current Assets | $ 3,150.00 | ||||
| Fixed Assets | |||||
| Building, net | $ 18,000.00 | ||||
| Equipment, net | $ 6,750.00 | ||||
| Total Fixed Assets | $ 24,750.00 | ||||
| Total Assets | $ 27,900.00 | ||||
| LIABILITIES AND STOCKHOLDER'S EQUITY | |||||
| Current Liabilities | |||||
| Accounts Payable | $ 1,800.00 | ||||
| Notes Payable | $ 14,850.00 | ||||
| Total Liabilities | $ 16,650.00 | ||||
| STOCK HOLDER'S EQUITY | |||||
| Common Stock | $ 9,000.00 | ||||
| Retained Earnings | $ 2,250.00 | ||||
| Total Stockholder's Equity | $ 11,250.00 | ||||
| Total Liabilities and Stockholder's Equity | $ 27,900.00 | ||||
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