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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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
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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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