Question

Could someone please help me do the income statement and the statement of stockholders' equity.

0 Adjusted Trial Balance December 31st, 2019 Debit Credit cash 245700 119113 Notes receivable 15000 Accounts receivable 21000 7500 Supplies 0 1800 Buildings 62000 Prepaid insurance 5500 Insurance expense 500 Inventory 23040 17280 Accumulated depreciation 200 accounts payable 14400 17600 Interest payable 75 Common stock 0 96000 Vehicle 21000 21000 Income tax expense 3700 Warranty liability 0 450 Salaries payable 1200 Notes payable 1 1375 115000 Dividends Service revenue 3480 Interest revenue 75 Depreciation expense 500 Sales revenue 0 1 36870 Bad debt expense 405 Income tax expense 3700 Sales discounts 150 Cost of goods sold | 17280 Interest expense 530 Supplies expense 5000 Gain 2300 Warranty expense Salaries expense 5200 Allowance for uncollectible accounts 405 Total $444405 $444405 0 0 432 450 0 o

Answer 1

Multiple Step Income Statement For Year Ended December 31st, 2019

PARTICULARS	AMOUNT $	AMOUNT $
Sales Revenue		$36,870
Less : Sales discounts		150
Net sales revenue		$36,720
Less : Cost of goods sold		17,280
Gross profit		$19,440
Operating expenses :
Selling expenses :
Supplies expense	5,000
Bad debt expense	405
Administrative expenses :
Insurance expense	500
Depreciation expense	500
Interest expense	530
Salaries expense	5,200
Total operating expenses		$12,135
Operating income		$7,305
Other revenues and gains
ADD :
Gain	2,300
Service revenue	3,480
Interest revenue	75	5,855
		$13,160
Other expenses and losses
LESS :
Warranty expense		450
Income before income tax		$12,710
Income tax expense		3,700
Net income		$9,010

Statement Of Stock Holders' Equity For Year Ended December 31st, 2019

	Common Stock	Retained Earnings	Total
Begining Balance (December 1st, 2019)	$0	$0	$0
Add : Common Stock	9,600		9,600
Add : Net income		9,010	9,010
Less : Dividends		1,600	1,600
Ending Balance (December 31st, 2019)	$9,600	$7,410	$17,010

_ _ _ _ _ x _ _ _ _ _

ALL THE BEST

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