1. Based on the financial information below, prepare an income statement and a balance sheet for...
1. Based on the financial information below, prepare an income statement and a balance sheet for Webster company for the year ended December 31, 2016. Unless otherwise indicated, assume all information below is either for the year 2016 or as of December 31, 2016.
Accounts receivable………………………………….. $5,000
Accumulated depreciation…………………………… $12,000
Cost of goods sold…………………………………… $4,000
Income tax expense………………………………….. $1,000
Cash………………………………………………….. $12,500
Sales………………………………………………….. $25,000
Equipment (gross)……………………………………. $27,000
Selling, general, & administrative expenses…………. $3,000
Common stock (1,000 shares)………………………... $7,000
Accounts payable……………………………………. $19,000
Retained earnings……………………………………. $13,000
Interest expense……………………………………… $200
Inventory…………………………………………….. $17,000
Long-term debt………………………………………. $10,500
Dividends declared and paid………………………… $600
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1. Based on the financial information below, prepare an income
statement and a balance sheet for...
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Equipment (cost $10,000 and accumulated depreciation $4,000)
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Intangible Assets costing $10,000 were purchased during
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2017
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1 2 Complete the comparative income statement and balance sheet for Logic Company. (Input all...
1 2
Complete the comparative income statement and balance sheet for Logic Company. (Input all answers as positive values except decrease answers which should be indicated by a minus sign. Round your"percent" answers to the nearest hundredth percent.) LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 INCREASE (DECREASE Amount 2017 2016 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses $ 19,000 15,000 100 $ 18,000...
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prepare an income statement of changes in stockholders equity,
and a balance sheet, based on the financial statements you have
prepped for part a to answer questions in parts b-e
30.00 points Problem 2-19 Prepare an income statement, balance sheet, and statement of changes in stockholders' equity, analyze results LO 2, 3, 4 The information on the following page was obtained from the records of Breanna, Inc.: $ Accounts receivable Accumulated depreciation Cost of goods sold Income tax expense Cash...
Statement of Cash Flows (Direct Method) The Dairy Company's income statement and comparative balance sheets as of December 31 of 2016 and 2015 follow: DAIRY COMPANY Income Statement For the Year Ended December 31, 2016 Sales Revenue $700,000 Cost of Goods Sold $460,000 Wages and Other Operating Expenses 95,000 Depreciation Expense 22,000 Patent Amortization Expense 7,000 Interest Expense 10,000 Income Tax Expense 36,000 Loss on Bond Retirement 5,000 635,000 Net Income 65,000 DAIRY COMPANY Balance Sheets Dec. 31, 2016 Dec....
Prepare a Statement of Cash Flows using the direct method. Use
the following information:
The following information is available for 2017.
Equipment (cost $10,000 and accumulated depreciation $4,000)
was sold for $7,000. All other changes in Property, Plant and
Equipment accounts relate to purchases and depreciation expense,
respectively.
Intangible Assets costing $10,000 were purchased during
2017.
There were $25,000 in payments on the Bonds Payable during
2017
12/31/2016 Closing Trial Balance 55,000 70,000 (4,000) 80,000 9,000 - Cash Accounts Receivable...
1 2
Complete the comparative income statement and balance sheet for Logic Company. (Input all answers as positive values except decrease answers which should be indicated by a minus sign. Round your"percent" answers to the nearest hundredth percent.) LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 INCREASE (DECREASE Amount 2017 2016 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses $ 19,000 15,000 100 $ 18,000...
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