Prepare a classified balance sheet for Oxmoor at December 31, 2019.
Before Preparing Classified Balance Sheet, we need to prepare Income Statement and Statement of Retained Earnings, because These financial statements are related to each other and prepared Step by Step.
Oxmoor Corporation
Income Statement
For the Year Ended December 31,2019
Accounts | Amount | Amount |
---|---|---|
Sales Revenue | $583,900 | |
Less:- Cost of Goods Sold | (277,000) | |
Gross Profit | $306,900 | |
Less:- Expenses | ||
Wages Expense | $98,250 | |
Rent Expense | 50,000 | |
Depreciation Expense | 29,000 | |
Interest Expense | 2,700 | |
Income Tax Expense | 38,085 | |
Total Expenses | $(218,035) | |
Net Income | $88,865 | |
Oxmoor Corporation
Statement of Retained Earnings
For the Year Ended December 31,2019
Accounts | Amount |
---|---|
Retained Earnings 1/1/2019 | $45,635 |
Add:- Net Income | 88,865 |
$134,500 | |
Less:- Dividends | (50,000) |
Retained Earnings 31/12/2019 | $84,500 |
Oxmoor Corporation
Balance Sheet
December 31,2019
Accounts | Amount | Amount |
---|---|---|
Assets:- | ||
Current Assets:- | ||
Cash | $13,300 | |
Accounts Receivable | 6,700 | |
Prepaid Rent | 54,000 | |
Inventory | 481,400 | |
Total Current Assets | $555,400 | |
Long-term Investments:- | ||
Long-term Investment | $110,900 | |
Total Long-term Investments | $110,900 | |
Property Plant and Equipment:- | ||
Equipment | $88,000 | |
Less:- Accumulated Depreciation | (23,700) | |
Total Property Plant and Equipment | $64,300 | |
Total Assets | $730,600 | |
Liabilities and Stockholders Equity:- | ||
Current Liabilities:- | ||
Accounts Payable | $111,700 | |
Interest Payable | 4,400 | |
Note Payable (Short-term) | 50,000 | |
Total Current Liabilities | $166,100 | |
Long-term Liabilities:- | ||
Bonds Payable | $180,000 | |
Total Long-term Liabilities | $180,000 | |
Stockholders Equity:- | ||
Common Stock | $300,000 | |
Retained Earnings, 31/12/2019 | 84,500 | |
Total Stockholders Equity | $384,500 | |
Total Liabilities and Stockholders Equity | $730,600 | |
Prepare a classified balance sheet for Oxmoor at December 31, 2019. Preparing a Balance Sheet Oxmoor...
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