Homework Answers
| Neary Retail Corporation | ||
| Balance Sheet for Year ended on 31st Dec 2008 | ||
| Assets | ||
| Current Asset | ||
| Cash | $11,000.00 | |
| Account Receivable | 27000 | |
| Less : Allowance for Un collecctible | 2000 | $25,000.00 |
| Ending Inentory | $9,000.00 | |
| Marketable Securities | $8,000.00 | |
| Total Current Asset | $53,000.00 | |
| Property, Plant & Equipment | ||
| Land | $30,000.00 | |
| Building | $1,00,000.00 | |
| Less: Accumulated Depreciation | -$25,000.00 | $75,000.00 |
| Total Asset | $1,58,000.00 | |
| Liability & Equity | ||
| Current Liabilities | ||
| Account Payable | $19,000.00 | $19,000.00 |
| Long term Liabilities | ||
| Long Term Notes Payable | $40,000.00 | |
| Total Liabilities | $59,000.00 | |
| Equity | ||
| Shareholder Equity | ||
| Comon Stock at Par | $30,000.00 | |
| APIC - Excess Par Common Stock | $4,000.00 | |
| Preferred stock | $46,000.00 | |
| Less: Treasury Stock | -$5,000.00 | $75,000.00 |
| Retained Earning | $24,000.00 | |
| Total Equity | $99,000.00 | |
| Total Liability & Equity | $1,58,000.00 | |
| Neary Retail Corporation | ||
| Income Statement for year ended on 31st Dec 2008 | ||
| sales | $1,00,000.00 | |
| COGS | $30,000.00 | |
| Depreccation Expense | $10,000.00 | |
| Advertising Expense | $23,000.00 | |
| Insurance Expense | $17,000.00 | |
| Salaries Expense | $15,000.00 | |
| Bad Debt Expense | $2,000.00 | $97,000.00 |
| Net Income For the year | $3,000.00 | |
| Neary Retail Corporation | ||
| Retained Earining Statement for year ended on 31st Dec 2008 | ||
| Begining Balance | 22000 | |
| Income during year | 3000 | |
| Less : Dividend Paid | -1000 | |
| Ending Balance Retained Earning | 24000 | |
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Practice Problem: Financial Statements Using the information below from the adjusted trial balance for the Neary...
The adjusted trial balance of rain company appears below using the information from the adjusted trial...
The adjusted trial balance of rain company appears below using
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The adjusted trial balance of Ryan Company appears below. Using the information from the adjusted trial...
The adjusted trial balance of Ryan Company appears below. Using
the information from the adjusted trial balance, you are to prepare
for the month ending December 31:
1.
an income statement.
2.
a retained earnings statement.
3.
a balance sheet.
(You need to calculate the amount of
cash)
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the information from the adjusted trial balance you are to prepare
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The adjusted trial balance of Ryan Company appears below. Using
the information from the adjusted trial balance, you are to prepare
for the month ending December 31:
1.
an income statement.
2.
a retained earnings statement.
3.
a balance sheet.
(You need to calculate the amount of
cash)
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