Question

Analytics Corporation was organized on January 1, current year. At the end of the current year, the following financial data are available: Total revenues Total expenses (excluding income taxes) Income tax expense (all unpaid as of December 31) Cash Receivables from customers (all considered collectible) Merchandise inventory (by inventory count at cost) Payables to suppliers for merchandise purchased from them (will be paid during the following year) Common stock $308,000 189,000 39,500 74,150 39,500 101,600 34,450 61,800 No dividends were declared or paid during the first year. Required: Complete the following two statements: Complete this question by entering your answers in the tabs below. Income Statement Balance sheet Complete the following statements:

Answer 1

1.)	ANALYTICS CORPORATION
	Income Statement
	For the year ended December 31, Current Year	Amount $
	Total Revenues	308,000
	Less: Total Expenses( Excluding income tax )	189,000
	Pretax Income	119,000
	Less: Income Tax Expense	39,500
	Net Income	79,500
2.)	ANALYTICS CORPORATION
	Balance Sheet
	As at December 31, Current Year	Amount $
	Assets
	Cash	74,150
	Receivable from customers	39,500
	Merchandise Inventory	101,600
	Total Assets	215,250
	Liabilities
	Payable to Suppliers	34,450
	Income taxes payable	39,500
	Total Liabilities	73,950
	Stockholder's Equity
	Common Stock	61,800
	Retained earnings	79,500
	Total Stockholder's Equity	141,300
	Total Liabilities & Stockholder's Equity	215,250