Prepare an ending 2015 Income Statement and Balance Sheet

jagguarpaw January 16, 2017 0 Comments

Question: Prepare an ending 2015 Income Statement and Balance Sheet …

1) Prepare an ending 2015 Income Statement and Balance Sheet from the following information: Sales $800,000; Cost of Goods Sold $300,000; Accounts Receivables $20,000; Bonds Outstanding $160,000; Accounts Payable $20,000; Advertising Expense $1,000; Administrative Expenses $35,000; Interest Expense $24,000; Depreciation Expense $40,000; Dividends Paid $137,000; Rent Expense $5,000; Accruals $20,000; Common Stock $100,000; Retained Earnings 5245,000 (Beginning Of 2015); Cash $20,000; Inventory $45,000; Net Fixed Assets $600,000 (Beginning of 2015). (Assume a 40% Tax late). Year = 8.83 years with zero tax liability.