Question

Use the following data to create a balance sheet: Accounts Receivable Building Cash Salary Expense Accounts Payable Equipment Retained Earnings Prepaid Expenses Sales Accumulated Deprec- 22,000 142,000 38,000 22,000 37,000 86,000 ?? 2,000 123,000 32,000 Goodwill Accrued Expenses Short-term Notes Payable Cost of Goods Sold Long-term Investments Common Stock Interest Income Inventory Dividends paid Rent Income 16,000 4.000 25,000 52,000 35,000 1,000 2,000 62,000 25,000 1,200 10). Use the following data to create a P&L: $12000 $12,000 $64,000 $53,000 $22,000 $ 4,000 a goods provided for cash this period b. goods provided on credit this period c. cash collected for goods provided this period d. paid to employees for work done this period e paid to employees for work done last period f. total amount employees eamed for work this period g. utility bill received for this period h. total paid to the utility company this period... į amount paid for rent this month į the amount it cost to rent the building for this month only k. the cost of inventory provided to customers 1. the company's income tax rate is $28,000 $ 200 $ 800 $ 1.200 $ 600 $43,000 30%

Answer 1

Income statement ( Profit and Loss A/c )

Sales	$      76,000.00
Less : Cost of Goods Sold	$      43,000.00
Gross Profit	$      33,000.00
Other Income	$        3,200.00
Operating Expenses
Wages to employees	$      24,000.00
Depreciation
Utility Bills	$            200.00
Rent	$            600.00
Total Operating Expenses	$      24,800.00
Operating Income before Tax	$      11,400.00
Less : Income Tax	$        3,420.00
Net Operating Income	$        7,980.00

Balance Sheet :

Balance sheet
Assets
Cash	$      53,200.00
Accounts Recievable	$      33,000.00
Property, Plant and Equipments	$    228,000.00
Less : Depreciation	$      32,000.00
Net Property,Plant and Equipment	$    196,000.00
Long Term Investments	$      35,000.00
Goodwill	$      16,000.00
Other Current Assets
Inventory	$      19,000.00
Prepaid Expenses	$        3,200.00
Total Assets	$    355,400.00
Liabilities Owners Equity
Accounts Payable	$      37,000.00
Accrued Expenses	$        2,000.00
Short Term Notes Payable	$      25,000.00
Income Tax Payable	$        3,420.00
Owners Equity and Retained Earnings
Opening Retained Earnings	$    305,000.00
Add: Net Operating Profit	$        7,980.00
Less : Dividend Paid	$      25,000.00
Closing Balance of Retained Earnings	$    287,980.00
Total Liabilties and Owners Equity	$    355,400.00