Question

Salaries payable to workers at the end of the year Advertising expense for the year Building that has been purchased Supplies at the end of the year Retained earn Utilities expense for the year Note payable to the bank Service revenue earned during the year Salary expense for the year Accounts payable to suppliers Dividends paid to shareholder during the year Common stock that has been issued including $8,000 that was issued this26,000 year, this is the ending balance Cash remaining Interest expense for the year Accounts receivable from customers $3,500 8,700 70,000 7,500 38,000 4,200 21,500 ingS 67,800 24,200 6,700 5,500 1,800 12,700 Required Prepare the income statement, statement of stockholders' equity, and balance sheet for Complex Kitten Corporation on December 31. The balance of retained earnings at the beginning of the year equals $24,500

Answer 1

Complex Kitten Corporation:
Income Statement
For the Year ending 31 Dec.20XX
	Amount($)	Amount($)
Sales Revenue	$            67,800.00	$                                      67,800.00
- Expenses
Advertising Expense	$               8,700.00
Utility Expense	$               4,200.00
Salary Expense	$            24,200.00
Interest Expense	$               1,800.00	$                                      38,900.00
Income		$                                     28,900.00
Napolean Corporation
Statement of Stockholder's Equity:
For the Year ending 31 Dec. 20XX
	Common Stock($)	Retained Earning($)	Total($)
Opening Bal.	$            18,000.00	$                                      24,500.00	$ 42,500.00
Issued During the year	$               8,000.00		$   8,000.00
Income	---	$                                      28,900.00	$ 28,900.00
Less: Dividend Paid [$24500+$28900-$38000]		$                                      15,400.00	$ 15,400.00
Closing Balance	$            26,000.00	$                                     38,000.00	$ 64,000.00
Balance Sheet
As on 31 Dec. 20XX:
Assets	Amount($)	Liabilities + Stockholder's Equity	Amount($)
Cash	$               5,500.00	Accounts Payables	$   6,700.00
		Salaries Payable	$   3,500.00
Accounts Receivables	$            12,700.00	Notes Payables	$ 21,500.00
Supplies	$               7,500.00	Stockholder's Equity
		Common Stock	$ 26,000.00
Building	$            70,000.00	Retained Earning	$ 38,000.00
Total	$            95,700.00	Total	$ 95,700.00