Question

Listed below are account balances for Accounts Company for the fiscal year ended December 31, 2019.

Long-term investments Notes payable, long-term Prepaid insurance Wages payable Common Stock Equipment Land Interest payable Interest expense Income tax payable Cost of goods sold Cash Accounts payable Buildings Accumulated depreciation Dividends General and administrative expenses Accounts receivable Inventory Notes payable, current portion Selling expenses Trademarks Sales revenue Income tax expense Supplies Retained earnings, Jan. 1, 2019

$26,250 208,500 5,250 13,500 225,000 183,750 26,250 10,500 18,750 4,500 109,500 12,000 16,500 309,000 123,000 12,750 72,000 8,250 46,500 7,500 35,250 9,750 267,750 10,500 9,750 18,750

Create a financial statement with the accounts above: Balance Sheet, Income Statement, Retained Earnings

determine the amount of each of the following items:

Net income:

Current assets:

Long-Term investments:

Property, plant and, equipment (net):

Intangible assets:

Total assets:

Current liabilities:

Long-term liabilities:

Total liabilities:

Working capital:

Total stockholders' equity:

Retained earnings (12/31/19): 27,750

Total liabilities and stockholders' equity:

Answer 1

Income Statement
For the fiscal year ended December 31, 2019
Particular	Amount($)
Revenue
Sales revenue	267,750
Total Revenue(A)	267,750
Expenses
Cost of goods sold	109,500
Interest expense	18,750
General and administrative expenses	72,000
Selling Expenses	35,250
Total expenses(B)	2,35,500
Profit before tax (A-B)	32,250
Tax expense	10,500
Profit after tax	21,750

Retained earnings

Statement of retained earnings
For the fiscal year ended December 31, 2019
Particular	Amount($)
Opening balance (Jan. 1, 2019)	18,750
Add: Profit during the year	21,750
Less: Dividend	(12,750)
Closing balance (Dec. 31, 2019)	27,750

Balance Sheet

Balance Sheet
As on December 31, 2019
Asset		Amount($)
Non-current asset
Tangible Asset
Equipment	183,750
Land	26,250
Building	309,000
less: Accumulated Depreciation	(123,000)	396,000
Intangible asset
Trademarks		9,750
Long term investment		26,250
Current Assets
Prepaid Insurance		5,250
Cash		12,000
Account receivable		8,250
Inventory		46,500
Supplies		9,750
Total Assets		513,750
Equity and liability
Shareholder's Equity
Common stock		225,000
Retained Earnings		27,750
Liability
Non current liability
Notes Payable		208,500
Current liability
Wages payable		13,500
Interest payable		10,500
Income tax payable		4,500
Accounts payable		16,500
Notes payable		7,500
Total liability		513,750

Computation of amount of following item

Particular		Amount($)
Net Income		21,750
Current Asset		81,750
Long term investments		26,250
Property, plant and equipment		396,000
Intangible asset		9,750
Total Asset		261,000
Current liabilities		52,500
Long term liabilities		208,500
Total liabilities		513750
Working capital	81,750-52,500	29,250
Total stockholders' equity	225,000+27,750	252750
Retained Earnings		27,750
Total liability and stockholders' equity		513,750