Question

Need help creating a income statement and balance sheet

1-Jan	D		C
Cash	5,000,000
common stock $1 par			1,000,000
APIC Common			4,000,000
Land	1,020,000
Building	1,700,000
Equipment	680,000
Cash			3,400,000
Right to use asset	488,965
lease liability			488,965
lease expense	100,000
right to use asset			100,000
Inventory	900,000
accounts payble			900,000
A/R	1,200,000
Sales revenue			1,200,000
COGS	720,000
Inventory			720,000
Accounts payable	620,000
cash			620,000
cash	950,000
accounts receivable			950,000
cash	1,750,756
Discount of B. Payable	$249,244
Bonds Payable			$2,000,000
Inv in IBM Available for sale	$45,000
cash			45,000
Inv in ABC equity	300,000
cash			$300,000
Depreciation Expense	213,494
acc-depreciation building			64000
acc-depreciation equipment			68000
acc-depreciation lease			81494
Inerest expense	$87,538
Discount on Bonds Payable			$7,538
Cash			$80,000
Cash	$2,300
Dividend income			$2,300
Available for sale securities	$3,000
Unrealized gain/loss other			$3,000
Cash	$11,250
Investment in ABC			$11,250
Investment in ABC	$60,000
Investment Income			$60,000

Answer 1

Income Statement:-

Sales Revenue 1,200,000

Dividend Income 2,300

Investment Income 60,000

Unrealised Gain 3,000

Total Revenue (A) 1,265,300

Lease Expenses 100,000

COGS 720,000

Discount on Bonds payable 241,706

Depreciation 213,494

Interest Expense 87,538

Total Expenses (B) 1,362,738

Net Loss (A-B) 97,438

Balance Sheet:-

Assets:-

Land 1,020,000

Building 1,636,000

Equipment 612000

Rights to use an asset 307471

Inventory 180000

Accounts receivable 250000

Investment in IBM for sale 45000

Cash 3269306

Investment in ABC Equity 348750

Sale of securities 3000

Net Loss 97438

Total 7768965

Liabilities:-

Common Stock $1 par 1,000,000

APIC Common 4,000,000

Lease liability 488,965

Accounts Payable 280,000

Bonds Payable 2,000,000

Total 7,768,965

Note:-