Question

Gurjeet Singh singga? Design Layout com 204 fingestama References Mailings Review View Help Table Design Layout COM204 Chapter 1 & 2 Assignment Question 3 The financial information for assets and liabilities, revenues and expenses are listed for All State Corp. as of December 31, 2018. Using the information, prepare an income statement, statement of retained earnings and balance sheet (32 marks) Accounts payable Accounts receivable Long term debt Cash Cost of goods sold Inventory Office expense Rent expense Wages expense Payroll payable Sales revenue Dividends Declared Office supplies Utilities expense Common Shares Retained Earnings, January 1, 2019 Retained Earnings, December 31, 2019 $3,500 5,500 10.000 18,300 30,000 12.000 1,500 13,200 31.400 900 101,000 7.000 4,400 7,500 15.000 10,800 ? Anth SonicMaster

Answer 1

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All State Corp
Income statement
Particulars	Amount $
Sales Revenue	101,000.00
Less: Cost of goods sold	30,000.00
Gross Profit	71,000.00
Less: Expenses
Office Expense	1,500.00
Rent Expense	13,200.00
Wages Expense	31,400.00
Utilities Expense	7,500.00
Operating Expense	53,600.00
Net Income	17,400.00
Statement of Retained Earnings	Amount $
Retained Earnings- Opening Balance	10,800.00
Add: Net Income	17,400.00
Less: Dividend	7,000.00
Retained Earnings- Closing balance	21,200.00
Balance Sheet	Amount $	Amount $
Assets
Current Assets
Cash	18,300.00
Accounts Receivable	5,500.00
Inventory	12,000.00
Office Supplies	4,400.00
Total Current Assets		40,200.00
Plant Property & Equipment
Office Equipment	10,400.00
Total Plant Property & Equipment		10,400.00
Total Assets		50,600.00
Liabilities & Stockholder's equity	Amount $	Amount $
Liabilities
Current Liabilities
Accounts Payable	3,500.00
Payroll Payable	900.00
Total Current Liabilities		4,400.00
Non Current Liabilities
Long Term Debt	10,000.00
Non Current Liabilities		10,000.00
Total Liabilities		14,400.00
Stockholder's Equity
Common Shares	15,000.00
Retained Earnings	21,200.00
Total Stockholder's equity		36,200.00
Total Liabilities & Stockholder's equity		50,600.00