Need help making the income statement and balance sheet for accounting.
I would appreciate it if the math was also included, Thanks!
Income Statement of the Company contains information on Revenues and Expenses of the company.
xxxxx Co. | |
Income Statement | |
For the year ending xxxxxx | |
Revenues | |
Sales Rev | $ 2,47,000 |
Rent Rev | 4300 |
Inte. Rev | 1650 |
Total Revenues | $ 2,52,950 |
Expenses | |
COS | $ 1,31,500 |
Wage Exp. | $ 54,200 |
Rent exp. | $ 12,100 |
Depreciation Expense | $ 7,100 |
Supplies Expense | $ 2,500 |
Interest Expense | $ 8,800 |
Advertising Expense | $ 3,300 |
Repair Exp. | $ 3,000 |
Total Expenses | $ 2,22,500 |
Net Income | $ 30,450 |
Balance Sheet of the Company contains information on Assets, Liabilities and Equity of the company.
xxxxx Co. | ||
Balance Sheet | ||
At xxxxxx | ||
ASSETS | Amount | Amount |
Current Assets | ||
Cash | $ 53,000 | |
Accounts Receivable | $ 38,000 | |
PPD Rent | $ 1,200 | |
Supplies | $ 1,600 | |
Invetory | 60500 | |
NR | 33000 | |
Int. Rec | 1650 | |
Total Current Assets | $ 1,88,950 | |
Property, Plant & Equipment | ||
Office Equipment | 48000 | |
Accumulated Depreciation | -21800 | |
Net PP&E | $ 26,200 | |
TOTAL ASSETS | $ 2,15,150 | |
LIABILITIES & STOCKHOLDERS' EQUITY | ||
Current Liabilities | ||
Accounts Payable | $ 41,200 | |
Salaries Payable | $ 6,500 | |
Interest Payable | 2800 | |
Def. rent rev | 2300 | |
Total Current Liabilities | $ 52,800 | |
Notes Payable | $ 52,300 | |
Total Liabilities | $ 1,05,100 | |
STOCKHOLDER'S EQUITY | ||
Common Stock | $ 50,000 | |
Retained Earnings | $ 60,050 | |
Total Equity | $ 1,10,050 | |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ 2,15,150 |
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Notes
Before the adjusted trial balance is prepared, the adjustments will need to be booked and adjusted trial balance will need to be prepared.
Unadjusted Trial Balance | Adjustments | Adjusted Trial Balance | ||||
Accounts Titles | Debit | Credit | Debit | Credit | Debit | Credit |
Cash | 54000 | 1000 | 53000 | |||
Accounts Receivable | 38,000 | 38000 | ||||
PPD Rent | 1200 | 1200 | ||||
Supplies | 2,000 | 400 | 1600 | |||
Invetory | 60,500 | 60500 | ||||
NR | 33,000 | 33000 | ||||
Int. Rec | 1,650 | 1650 | ||||
Office Equipment | 48000 | 48000 | ||||
Accumulated Depreciation | 21,800 | 21,800 | ||||
Accounts Payable | 38200 | 3000 | 41,200 | |||
Salaries Payable | 6500 | 6,500 | ||||
Notes Payable | 53000 | 700 | 52,300 | |||
Interest Payable | 2800 | 2,800 | ||||
Def. rent rev | 2300 | 2,300 | ||||
Common Stock | 50000 | 50,000 | ||||
Retained EARNINGS | 29,600 | 29,600 | ||||
Sales Rev | 247000 | 2,47,000 | ||||
Rent Rev | 4300 | 4,300 | ||||
Inte. Rev | 1650 | 1,650 | ||||
COS | 1,31,500 | 131500 | ||||
Wage Exp. | 54,200 | 54200 | ||||
Rent exp. | 12,100 | 12100 | ||||
Depreciation Expense | 7,100 | 7100 | ||||
Supplies Expense | 2,100 | 400 | 2500 | |||
Interest Expense | 8,500 | 300 | 8800 | |||
Advertising Expense | 3,300 | 3300 | ||||
Repair Exp. | 3,000 | 3000 | ||||
Total | 457150 | 457150 | 4400 | 4400 | 459450 | 459450 |
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