Preparing an Income Statement and Balance Sheet
Clay Corporation was organized by five individuals 011 January 1, 2011. At the end of January 2011, the following monthly financial data are available:
Total revenues | $299,000 |
Total expenses (excluding income taxes) | 184,000 |
Income tax expense (all unpaid as of January 31) | 34,500 |
Cash balance, January 31, 2011 | 70,150 |
Receivables from customers (all considered collectible) | 34,500 |
Merchandise inventory (by inventory count at cost) | 96,600 |
Payables to suppliers for merchandise purchased from them (will be paid during February 2011) | 2 26,450 |
Contributed capital (2,600 shares) | 59,800 |
No dividends were declared or paid during 2011.
Required:
Complete the following two statements:
CLAY CORPORATION Income Statement For the Month of January 2011 | |
Total revenues | $ |
Less: Total expenses (excluding income tax)
|
|
Pretax income |
|
Less: Income tax expense |
|
Net income | $ |
CLAYCORPORATION Balance Sheet At January 31, 2011 | |
Assets
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|
Cash | $ |
Receivables from customers |
|
Merchandise inventory |
|
Total assets | $ |
Liabilities |
|
Payables to suppliers
| $ |
Income taxes payable
|
|
Total liabilities
|
|
Stockholders' Equity
|
|
Contributed capital
|
|
Retained earnings |
|
Total stockholders' equity |
|
Total liabilities and stockholders' equity | $ |
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