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Victoria Co. | |
Income Statement | Amount $ |
Service revenue | 105,000.00 |
Sales | 936,000.00 |
Sales return | (6,000.00) |
Sales discount | (7,280.00) |
Interest received | 410.00 |
Total revenue | 1,028,130.00 |
Less: | |
Purchases | 430,000.00 |
Purchases return | (3,000.00) |
Purchases discount | (7,110.00) |
Salary Expense | 120,000.00 |
Bad Debts | 11,134.00 |
Insurance Expense | 4,800.00 |
Property tax | 6,600.00 |
Utilities Expense | 12,000.00 |
Supplies Expense | 8,000.00 |
Rent | 29,800.00 |
Depreciation Expense | 80,000.00 |
Total Expense | 692,224.00 |
Income before interest | 335,906.00 |
Less: Interest Expense | 10,250.00 |
Income before tax | 325,656.00 |
Income tax | 12,500.00 |
Net Income | 313,156.00 |
Statement of Retained Earnings | Amount $ |
Opening Balance | 180,500.00 |
Add: Net Income | 313,156.00 |
Less: Dividends | - |
Closing Balance | 493,656.00 |
Balance Sheet | |
Assets | Amount $ |
Current Assets | |
Cash | 441,730.00 |
Accounts Receivable | 78,866.00 |
Revenue Account | 11,000.00 |
Inventories | 65,000.00 |
Prepaid Rent | 23,000.00 |
Prepaid Insurance | (4,260.00) |
Total Current Assets | 615,336.00 |
Long Term Investments | |
Investment Securities | 180,000.00 |
Long Term Investments | 180,000.00 |
Fixed Assets | |
Land | 235,000.00 |
Buildings | 800,000.00 |
Accumulated Depreciation- Buildings | (320,000.00) |
Capitalize development | 15,000.00 |
Total Fixed Assets | 730,000.00 |
Intangible Assets | |
Goodwill | 120,000.00 |
Other Intangible Assets | 48,000.00 |
Intangible Assets | 168,000.00 |
Total Assets | 1,693,336.00 |
Liabilities & Stockholders' Equity | |
Liabilities | Amount $ |
Current Liabilities | |
Unearned Revenue | 12,000.00 |
Double debts | 2,930.00 |
Accounts Payable | 160,000.00 |
Interest Payable | 6,250.00 |
Salaries and Wages Payable | 15,000.00 |
Total Current Liabilities | 196,180.00 |
Long Term Liabilities | |
Notes Payable | 250,000.00 |
Provision related to pension | 93,100.00 |
Bonds Payable | 300,000.00 |
Total Long Term Liabilities | 643,100.00 |
Total Liabilities | 839,280.00 |
Stockholder's Equity | |
Common Stock (Paid Up) | 240,000.00 |
Preferred Stock (Paid Up) | 125,400.00 |
Retained Earnings | 493,656.00 |
Other accumulated comprehensive income (loss) | 5,000.00 |
Treasury stock at cost | (10,000.00) |
Stockholder's Equity | 854,056.00 |
Total Liabilities & Stockholder's Equity | 1,693,336.00 |
i just need help on #4. preparing income statement, retained earnings statement, and the balance sheet....
i need help with number 4, preparing the income statement, retained earnings statement, and the balance sheet. this is the information that i have. Accounting Cycle Project (Group) ACCT3303 Spring 2020 Assignments Required: 1) Making journal entries for each transaction in chronological order. 2) Posting to the general ledger and prepare trial balance before adjustment. 3) Making adjusting entries and prepare adjusted trial balance. 4) Prepare Income Statement, Retained Earnings Statement, and Balance Sheet 5) Making closing entries. 6) Put...
Assignments Required: Making journal entries for each transaction in chronological order. The 2019 Balance Sheet of the Victoria Co. is as follows: Victoria Co. Balance Sheet As of December 31, 2019 Cash Notes Receivable Accounts Receivable Less: Allowance for Doubtful A/Cs Inventories Office Supplies Prepaid Insurance Prepaid Rent Total Current Assets Long-term Investments Investments in securities Land for future development Property, Plant, and Equipment Land Buildings Less: Accu. Depreciation Intangible Assets Capitalized Development Costs Goodwill Other Intangible Assets Total Non-Current...
Please help me with this! I'm so confused about how to prepare the trial balance before adjustment. Here is all the information: The 2019 Balance Sheet of the Victoria Co. is as follows: Victoria Co. Balance Sheet As of December 31, 2019 Cash 85,000 Notes Payable 150,000 Notes Receivable 34,590 Accounts Payable 125,000 Accounts Receivable 35,000 Unearned Revenue 1,000 Less: Allowance for Doubtful A/Cs (2,930) Property Tax Payable 0 Inventories 65,000 Interest Payable 3,500 Office Supplies 0 Income Tax Payable...
Need Assistance on Closing Entries. If more info is needed please let me know Trial Balance Particulars Debit Credit Cash/Bank $ 441,730.00 Notes recievable $ - Accounts recievable $ 78,866.00 Interest Received $ 410.00 Doubtfull debts $ 2,930.00 Bad debts $ 11,134.00 Inventories $ 65,000.00 Prepaid utilities $ 18,000.00 Utilities Expense $ 12,000.00 office supplies $ - Supplies expense $ 8,000.00 Prepaid insurance $ - $ 4,260.00 Rent $ 29,800.00 Prepaid rent $ 5,000.00 Investment in securities $ 180,000.00 Land...
I just completed the Journal Entries and according to the comment the next step is the trial balance. Can you please help me with this. journal Entries are attached. If there are any mistakes in the General Journal please let me know. Victoria Co. Balance Sheet As of December 31, 2019 Cash Notes Receivable Accounts Receivable Less: Allowance for Doubtful A/Cs Inventories Office Supplies Prepaid Insurance Prepaid Rent Total Current Assets Long-term Investments Investments in securities Land for future development...
Direction: Prepare an Income statement, retained earnings statements, and balance sheet. Income Tax Expense and Income Tax Payable have not yet been calculated . Assume the company is in a 21% tax bracket and that the 21% rate applies to all items of income or loss, including any "weird items ." Merchandise inventory at the beginning of the year was $ (you will need to analyze the Income Summary account ). For earnings per share calculations , assume that 600...
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