INCOME STATEMENT | ||
Sales (325000+19500) | 344500 | |
Cost of goods sold (197500+29750-47000) | 180250 | |
Gross profit | 164250 | |
xpenses: | ||
Salaries and wages (77500+5250) | 82750 | |
Rent expense | 8550 | |
Miscellaneous expense | 12500 | |
Depreciation | 4200 | |
Interest expense (35000*12%*9/12) | 3150 | |
Total expenses | 111150 | |
Net income | 53100 | |
BALANCE SHEET | ||
Current assets: | ||
Cash (430000-340250) | 89750 | |
Accounts receivable | 19500 | |
Inventory | 47000 | |
Prepaid rent (3300*2/3) | 2200 | 158450 |
Non -current assets: | ||
Office equipment | 42000 | |
Accumulated depreciation | 4200 | 37800 |
Total assets | 196250 | |
Current liabilities: | ||
Accounts payable | 29750 | |
Salries and wages | 5250 | |
Notes payable | 35000 | |
Interest payable | 3150 | 73150 |
Shareholders' equity: | ||
Common stock | 70000 | |
Retained earnings | 53100 | 123100 |
Total liabilities & Stockholders' equity | 196250 |
McGulre Corporation began operations In 2018. The company purchases computer equipment from manufacturers and then sells...
McGuire Corporation began operations in 2018. The company purchases computer equipment from manufacturers and then sells to retail stores. During 2018, the bookkeeper used a check register to record all cash receipts and cash disbursements. No other journals were used. The following is a recap of the cash receipts and disbursements made during the year. Cash receipts: Sale of common stock $ 67,500 Collections from customers 320,000 Borrowed from local bank on April 1, note signed requiring principal and interest...
McGuire Corporation began operations in 2018. Th e company purchases computer equipment from manufacturers and then sells to retail stores. During 2018, the bookkeeper used a check register to record all cash receipts and cash disbursements. No other journals were used. The following is a recap of the cash receipts and disbursements made during the year. Cash receipts: Sale of common stock $ 55,000 Collections from customers 295,000 Borrowed from local bank on April 1, note signed requiring principal and...
McGuire Corporation began operations in 2018. The company purchases computer equipment from manufacturers and then sells to retail stores. During 2018, the bookkeeper used a check register to record all cash receipts and cash disbursements. No other journals were used. The following is a recap of the cash receipts and disbursements made during the year Cash receipts: Sale of coemon stock Collections from customers Borrowed from local bank on April 1, note signed requiring s 47,580 285,0a principal and interest...
McGuire Corporation began operations in 2021. The company purchases computer equipment from manufacturers and then sells to retail stores. During 2021, the bookkeeper used a check register to record all cash receipts and cash disbursements. No other journals were used. The following is a recap of the cash receipts and disbursements made during the year. Cash receipts: Issue of common stock $ 62,500 Collections from customers 310,000 Borrowed from local bank on April 1, note signed requiring principal and interest...
McGuire Corporation began operations in 2021. The company purchases computer equipment from manufacturers and then sells to retail stores. During 2021, the bookkeeper used a check register to record all cash receipts and cash disbursements. No other journals were used. The following is a recap of the cash receipts and disbursements made during the year. Cash receipts: Issue of common stock $ 62,500 Collections from customers 310,000 Borrowed from local bank on April 1, note signed requiring principal and interest...
McGuire Corporation began operations in 2021. The company purchases computer equipment from manufacturers and then sells to retail stores. During 2021 , the bookkeeper used a check register to record all cash receipts and cash disbursements. No other journals were used. The following is a recap of the cash receipts and disbursements made during the year. $ 47,500 285, eee 27,600 $ 359,589 Cash receipts: Issue of common stock Collections from customers Borrowed from local bank on April 1, note...
Zoom in and it's clear. Thanks Check my work McGuire Corporation began operations in 2018. The company purchases computer equipment from manufacturers and then sells to retail stores. During 2018, the bookkeeper used a check register to record all cash receipts and cash d were used. The following is a recap of the cash receipts and disbursements made during the year No other journals Cash receiptss Sale of common stock Collections from customers Borroved from local bank on April 1,...
Need both the income statement and the balance sheet please! McGuire Corporation began operations in 2021. The company purchases computer equipment from manufacturers and then sells to retail stores. During 2021, the bookkeeper used a check register to record all cash receipts and cash disbursements. No other journals were used. The following is a recap of the cash receipts and disbursements made during the year. $ 32,500 255,000 21,000 $ 308,500 Cash receipts: Issue of common stock Collections from customers...
In 2019, two friends, Boomer and Sooner opened an OU souvenir store on Campus Corner. During the year, the owners recorded the following cash receipts and payments: Cash receipts: Issue of common stock $ 55,000 Collections from customers 295,000 Borrowed from local bank on April 1, note signed requiring principal and interest at 12% to be paid on March 31, 2020 29,000 Total cash receipts $ 379,000 Cash payments: Purchase of merchandise $ 182,500 Payment of salaries 68,500 Purchase of...
Raintree Corporation maintains its records on a cash basis. At the end of each year the company's accountant obtains the nece information to prepare accrual besis financial staterments. The following cash nows occurred during the year ended December 31 2018 Cash receipts: From customers Interest on note Issue of common stock $545,000 6,000 69,000 $628,8e0 6 Total cash receipts Cash disbursements: Purchase of merchandise Annual insurance payment Payment of salaries Dividends paid to shareholders Annual rent payment $239,8 8,800 199,000...