Question

The following information is available from the accounting records of Horowitz Company for the year ended June 30, 2019 Machinery and equipment Net Sales $1,235,150 Cash 8,200,000 Treasury stocks 365.000 Administrative expense 90,000 Mortgage payable (long-term) 1.701,000 Accounts receivables 1.000.000 664,000 Lease payable ($47.000 due within a year) 747.000 Retained earnings 578,000 Merchandise inventory 650,000 Warranties payable... 70,000 Marketable securities 925,000 Land... 952.000 Interest payable..... 12,000 Research and development expense 365.000 Income taxes.. 164,850 Accumulated depreciation-Mach & Equip 450.000 Accounts payable. 700.000 Cost of goods sold 4,000,000 Dividend declared and paid. 50.000 Investment revenue 20.000 Selling Expense...... 1,319,000 93.000 Allowance for bad debt... 32.000 Prepaid insurance.... 280,000 Common Stock, S1 par value. 50,000 Interest expense 413,000 Additional paid-in capital Required: Use Microsoft Excel to prepare the following financial statements for Horowitz Company a. Multiple-step income statement for the year ended June 30, 2019. b. Statement of changes in stockholders' equity for the year ended June 30, 2019. c. Balance sheet as of June 30, 2019. RKS

please use excel.

Answer 1

Horowitz Company Statement of Income For the period ending 30.6.2019 Net Sales Cost of goods sold Gross Profit 8200000 4000000 4200000 1319000 1701000 365000 Selling Expense Administrative Expense Research and Development Expense Operating Loss Non Operating Items Investment Revenues Interest Expense 3385000 815000 20000 -50000 30000 785000 164850 620150 Income Tax Expense Net Income Statement of Retained Earnings For the period ending 30.6.2019 Beginning Balance Net Income 578000 620150 1198150 -50000 1148150 Dividends

Amounts in $ Amounts in $ Balance sheet As at 30.6.2019 Assets Current Assets Cash Marketable Securities Accounts Receivable Allowance for Bad Debt Merchandise Inventory Prepaid Insurance 700000 70000 12000 47000 829000 Amounts in $ Amounts in $ Liabilities Current Liabilities 365000 Accounts Payable 925000 Warranties Payable 664000 Interest payable -93000 Lease Payable 650000 32000 2543000 Non Current Liabilities Lease Payable Mortgage Payable 952000 1235150 Shareholders Equity -450000 785150 Common Stock Additional Paid In Capital Retained Earnings Treasury Stocks 4280150 Total Liabilities & Equity 700000 1000000 1700000 Non Current Assets Land Machinery Accum.Depre - Mach& Equip. 280000 413000 1148150 -90000 1751150 4280150 Total Assets