Question

These financial statement items are for Cullumber Company at year-end, July 31, 2022. Salaries and wages payable Salaries and wages expense Supplies expense Equipment Accounts payable Service revenue Rent revenue Notes payable (due in 2025) Common stock Cash Accounts receivable Accumulated depreciation-equipment Dividends Depreciation expense Retained earnings (beginning of the year) $3,600 59,100 17,100 16,360 4,600 67,700 10,000 3,300 16,000 35,440 11,300 7,100 4,000 4,000 35,000

Answer 1

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Cullumber
Income statement
Particulars	Amount $
Service Revenue	67,700.00
Rent Revenue	10,000.00
Total Revenue	77,700.00
Less: Expenses
Depreciation Expense	4,000.00
Salaries and Wages Expense	59,100.00
Supplies Expense	17,100.00
Operating Expense	80,200.00
Net Income	(2,500.00)
Statement of Retained Earnings	Amount $
Retained Earnings- Opening Balance	35,000.00
Add: Net Income	(2,500.00)
Less: Dividend	4,000.00
Retained Earnings- Closing balance	28,500.00
Balance Sheet	Amount $	Amount $
Assets
Current Assets
Cash	35,440.00
Accounts Receivable	11,300.00
Total Current Assets		46,740.00
Plant Property & Equipment
Equipment	16,360.00
Less: Accumulated depreciation	(7,100.00)
Plant Property & Equipment		9,260.00
Total Assets		56,000.00
Liabilities & Stockholder's equity	Amount $	Amount $
Liabilities
Current Liabilities
Accounts Payable	4,600.00
Salaries and Wages Payable	3,600.00
Total Current Liabilities		8,200.00
Non Current Liabilities
Notes Payable	3,300.00
Non Current Liabilities		3,300.00
Total Liabilities		11,500.00
Stockholder's Equity
Common stock	16,000.00
Retained Earnings	28,500.00
Total Stockholder's equity		44,500.00
Total Liabilities & Stockholder's equity		56,000.00
		-
Current ratio	5.70
Current Assets/ Current Liabilities
Debt to assets ratio	20.5%
Total Liabilities/ Total Assets