Prepare income statement and
balance sheet statement
Homework Answers
| INCOME STATEMENT | ||
| Sales | 3400000 | |
| COGS | 1650000 | |
| Gross profit | 1750000 | |
| Expenses: | ||
| Depreciation | 170000 | |
| Rent | 20000 | |
| Energy, wates | 24000 | |
| Marketing | 150000 | |
| Interest | 56000 | 420000 |
| Net income | 1330000 | |
| BALANCE SHEET | ||
| ASSETS | ||
| Current Assets: | ||
| Cash | 600000 | |
| Accounts receivable | 1200000 | |
| Inventory | 100000 | |
| Total current assets | 1900000 | |
| Non-Current Assets | ||
| Buildings | 1000000 | |
| Accumulated depreciation | 100000 | 900000 |
| Equipment | 700000 | |
| Accumulated depreciation | 70000 | 630000 |
| Total assets | 3430000 | |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 850000 | |
| Short term loan | 500000 | |
| Total current liabilities | 1350000 | |
| Long term loan | 250000 | |
| Total liabilities | 1600000 | |
| Stockholders' equity: | ||
| Capital | 500000 | |
| Retained earnings | 1330000 | 1830000 |
| Total liabilities and stockholders' equity | 3430000 | |
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Prepare income statement and
balance sheet statement
4. EXERCISE PREPARE FROM THE TRIAL BALANCE YE 2017...
(Working with an income statement and balance sheet) Prepare a balance sheet and income statement for...
(Working with an income statement and balance sheet)
Prepare a balance sheet and income statement for Belmond, Inc. from
the following information.
3-5. (Working with an income statement and balance sheet) Prepare a balance sheet and income statement for Belmond, Inc. from the following information. Inventory $6,500 Common stock 45,000 Cash 16,550 Operating expenses 1,350 Short-term notes payable 600 Interest expense 900 Depreciation expense 500 Net sales 12,800 Accounts receivable 9,600 Accounts payable 4,800 Long-term debt 55,000 Cost of goods...
1. Consider the balance-sheet entries for War Eagle Corporation in Table P2.1. a. Compute the firm's...
1. Consider the balance-sheet entries for War Eagle Corporation in Table P2.1. a. Compute the firm's Current assets: $ Current liabilities: $ ls Working capital: $. Shareholders' equity: $. b. If the firm had a net income of $500,000 after taxes, what is the earnings per share of common stock? C. When the firm issued its common stock, what was the market price of the stock per share? Balance Sheet Statement as of December 31, 2009 Assets: Cash $ 150.000...
Required: a) Prepare a properly formatted Income Statement. b) Prepare a properly formatted Balance Sheet. Trial...
Required: a) Prepare a properly formatted Income Statement. b) Prepare a properly formatted Balance Sheet. Trial Balance Workings Dr Cr 460,000 390,000 190,000 124,000 42,000 140,000 2,200,000 72,000 1780,000 336,000 Land and Buildings Shop Fittings Acc Depn-Shop Fittings Bank Overdraft Office Furniture & Equipment Accounts Receivable Sales Inventory (Opening) Purchases ANZ Long-Term Loan Wages Accounts Payable GST Collected GST Paid Capital (opening) Insurance Office Expenses Bad Debts Drawings Customs Duty Depreciation 60,000 80,000 58,000 64,000 200,000 10,000 22,000 4,000 36,000...
Required: a) Prepare a properly formatted Income Statement. b) Prepare a properly formatted Balance Sheet. Trial...
Required: a) Prepare a properly formatted Income Statement. b) Prepare a properly formatted Balance Sheet. Trial Balance Workings Dr Cr 460,000 390,000 190,000 124,000 42,000 140,000 2,200,000 72,000 1780,000 336,000 Land and Buildings Shop Fittings Acc Depn-Shop Fittings Bank Overdraft Office Furniture & Equipment Accounts Receivable Sales Inventory (Opening) Purchases ANZ Long-Term Loan Wages Accounts Payable GST Collected GST Paid Capital (opening) Insurance Office Expenses Bad Debts Drawings Customs Duty Depreciation 60,000 80,000 58,000 64,000 200,000 10,000 22,000 4,000 36,000...
Required: a) Prepare a properly formatted Income Statement. b) Prepare a properly formatted Balance Sheet. Trial...
Required: a) Prepare a properly formatted Income Statement. b) Prepare a properly formatted Balance Sheet. Trial Balance Workings Dr Cr 460,000 390,000 190,000 124,000 42,000 140,000 2,200,000 72,000 1780,000 336,000 Land and Buildings Shop Fittings Acc Depn-Shop Fittings Bank Overdraft Office Furniture & Equipment Accounts Receivable Sales Inventory (Opening) Purchases ANZ Long-Term Loan Wages Accounts Payable GST Collected GST Paid Capital (opening) Insurance Office Expenses Bad Debts Drawings Customs Duty Depreciation 60,000 80,000 58,000 64,000 200,000 10,000 22,000 4,000 36,000...
Instructions Prepare an income statement, letalined earnings statement, and a classified balance sheet as of Decem...
Instructions Prepare an income statement, letalined earnings statement, and a classified balance sheet as of Decem Net income Tot, assets $21,400 $84,500 ber 31, 2022 Prepare financial statements P2.3A (LO 1), AP You are provided with the following information for Lazuris Enterprises, effective as of its April 30, 2022, year-end, Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common stock Cost of goods sold Depreciation expense Dividends Equipment Goodwill Income tax expense Income taxes payable Insurance expense Interest expense Inventory Investment...
Prepare the Income Statement, the Statement of Stockholders Equity, the Classified Balance Sheet, and the Closing...
Prepare the Income Statement, the Statement of Stockholders Equity,
the Classified Balance Sheet, and the Closing Entries using the
adjusted trial balance for Stockton Company.
Paragraph Styles Problem Two Prepare the Income Statement, the Statement of Stockholders' Equity, the Classified Balance Sheet, and the Closing Entries using the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance For the Year ended December 31, 2018 $ 5,030 2,100 700 10,000 13,700 Cash Accounts Receivable Prepaid Expenses Land Equipment Accumulated...
QUESTION 2 Prepare a balance sheet and an income statement for Cucki Company for the year...
QUESTION 2 Prepare a balance sheet and an income statement for Cucki Company for the year 2017 from the following information: RM 57,000 14,000 150,000 6,200 600,000 Accounts payable Cash Long term debt Marketable securities Sales Taxes (40%) Prepaid rent Accounts receivable Depreciation COGS Interest expenses Inventory Plant and equipment General and administrative expenses 30,000 Accumulated depreciation Accruals Notes payable 1,100 33,000 30,000 460,000 10,000 84,000 300,000 30,000 5,000 mon stockboldes squty135.300
PROBLEM 2-9 STATEMENT OF CASH FLOWS te for the Book Store are as follos INCOME STATEMENT...
PROBLEM 2-9 STATEMENT OF CASH FLOWS te for the Book Store are as follos INCOME STATEMENT 2013 5,000,000 4.500.000 500,000 Sau Chuo Be 300,000 200.000 500.000 (45, 000) 45000 Operating Expenses Deption Le sale of land Net loss BALANCE SHEET 2013 Cast 2012 100,000 25.000 150,000 100,000 (25,000) 100,000 450,000 2013 60,000 325,000 450,000 450,000 (225.000) Accounts Receivable Inventory Equipment Accumulated Depreciation Land Total Assets 1.060.000 100,000 Accounts Payable Long Term Bond Payable Total Liabilities 300,000 200,000 500.000 100.000 Common...
Based on the following trial balance for RJ Dio Metal Shop, prepare an income statement and...
Based on the following trial balance for RJ Dio Metal Shop, prepare an income statement and a statement of owner's equity for the year ended December 31, 2019 and a classified balance sheet at December 31, 2019. Ru Dio made no investments in 2019. Use the designated space in the Solution Packet (30 points). 25,000 21,000 8,000 6,000 75,000 30,000 200,000 RJ Dio Metal Shop Adjusted Trial Balance December 31, 2019 Cash Accounts Receivable Prepaid Expense Supplies Equipment Accumulated Depreciation...
(Working with an income statement and balance sheet)
Prepare a balance sheet and income statement for Belmond, Inc. from
the following information.
3-5. (Working with an income statement and balance sheet) Prepare a balance sheet and income statement for Belmond, Inc. from the following information. Inventory $6,500 Common stock 45,000 Cash 16,550 Operating expenses 1,350 Short-term notes payable 600 Interest expense 900 Depreciation expense 500 Net sales 12,800 Accounts receivable 9,600 Accounts payable 4,800 Long-term debt 55,000 Cost of goods...
1. Consider the balance-sheet entries for War Eagle Corporation in Table P2.1. a. Compute the firm's Current assets: $ Current liabilities: $ ls Working capital: $. Shareholders' equity: $. b. If the firm had a net income of $500,000 after taxes, what is the earnings per share of common stock? C. When the firm issued its common stock, what was the market price of the stock per share? Balance Sheet Statement as of December 31, 2009 Assets: Cash $ 150.000...
Required: a) Prepare a properly formatted Income Statement. b) Prepare a properly formatted Balance Sheet. Trial Balance Workings Dr Cr 460,000 390,000 190,000 124,000 42,000 140,000 2,200,000 72,000 1780,000 336,000 Land and Buildings Shop Fittings Acc Depn-Shop Fittings Bank Overdraft Office Furniture & Equipment Accounts Receivable Sales Inventory (Opening) Purchases ANZ Long-Term Loan Wages Accounts Payable GST Collected GST Paid Capital (opening) Insurance Office Expenses Bad Debts Drawings Customs Duty Depreciation 60,000 80,000 58,000 64,000 200,000 10,000 22,000 4,000 36,000...
Required: a) Prepare a properly formatted Income Statement. b) Prepare a properly formatted Balance Sheet. Trial Balance Workings Dr Cr 460,000 390,000 190,000 124,000 42,000 140,000 2,200,000 72,000 1780,000 336,000 Land and Buildings Shop Fittings Acc Depn-Shop Fittings Bank Overdraft Office Furniture & Equipment Accounts Receivable Sales Inventory (Opening) Purchases ANZ Long-Term Loan Wages Accounts Payable GST Collected GST Paid Capital (opening) Insurance Office Expenses Bad Debts Drawings Customs Duty Depreciation 60,000 80,000 58,000 64,000 200,000 10,000 22,000 4,000 36,000...
Required: a) Prepare a properly formatted Income Statement. b) Prepare a properly formatted Balance Sheet. Trial Balance Workings Dr Cr 460,000 390,000 190,000 124,000 42,000 140,000 2,200,000 72,000 1780,000 336,000 Land and Buildings Shop Fittings Acc Depn-Shop Fittings Bank Overdraft Office Furniture & Equipment Accounts Receivable Sales Inventory (Opening) Purchases ANZ Long-Term Loan Wages Accounts Payable GST Collected GST Paid Capital (opening) Insurance Office Expenses Bad Debts Drawings Customs Duty Depreciation 60,000 80,000 58,000 64,000 200,000 10,000 22,000 4,000 36,000...
Instructions Prepare an income statement, letalined earnings statement, and a classified balance sheet as of Decem Net income Tot, assets $21,400 $84,500 ber 31, 2022 Prepare financial statements P2.3A (LO 1), AP You are provided with the following information for Lazuris Enterprises, effective as of its April 30, 2022, year-end, Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common stock Cost of goods sold Depreciation expense Dividends Equipment Goodwill Income tax expense Income taxes payable Insurance expense Interest expense Inventory Investment...
Prepare the Income Statement, the Statement of Stockholders Equity,
the Classified Balance Sheet, and the Closing Entries using the
adjusted trial balance for Stockton Company.
Paragraph Styles Problem Two Prepare the Income Statement, the Statement of Stockholders' Equity, the Classified Balance Sheet, and the Closing Entries using the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance For the Year ended December 31, 2018 $ 5,030 2,100 700 10,000 13,700 Cash Accounts Receivable Prepaid Expenses Land Equipment Accumulated...
QUESTION 2 Prepare a balance sheet and an income statement for Cucki Company for the year 2017 from the following information: RM 57,000 14,000 150,000 6,200 600,000 Accounts payable Cash Long term debt Marketable securities Sales Taxes (40%) Prepaid rent Accounts receivable Depreciation COGS Interest expenses Inventory Plant and equipment General and administrative expenses 30,000 Accumulated depreciation Accruals Notes payable 1,100 33,000 30,000 460,000 10,000 84,000 300,000 30,000 5,000 mon stockboldes squty135.300
PROBLEM 2-9 STATEMENT OF CASH FLOWS te for the Book Store are as follos INCOME STATEMENT 2013 5,000,000 4.500.000 500,000 Sau Chuo Be 300,000 200.000 500.000 (45, 000) 45000 Operating Expenses Deption Le sale of land Net loss BALANCE SHEET 2013 Cast 2012 100,000 25.000 150,000 100,000 (25,000) 100,000 450,000 2013 60,000 325,000 450,000 450,000 (225.000) Accounts Receivable Inventory Equipment Accumulated Depreciation Land Total Assets 1.060.000 100,000 Accounts Payable Long Term Bond Payable Total Liabilities 300,000 200,000 500.000 100.000 Common...
Based on the following trial balance for RJ Dio Metal Shop, prepare an income statement and a statement of owner's equity for the year ended December 31, 2019 and a classified balance sheet at December 31, 2019. Ru Dio made no investments in 2019. Use the designated space in the Solution Packet (30 points). 25,000 21,000 8,000 6,000 75,000 30,000 200,000 RJ Dio Metal Shop Adjusted Trial Balance December 31, 2019 Cash Accounts Receivable Prepaid Expense Supplies Equipment Accumulated Depreciation...
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