Question

following accounts belong to Jedi's Restaurant. Inc. as of December account balances: s of December 31, 2019. Using these 1. Prepare the income statement of Jedi's Restaurant, Inc. for 4 2. Prepare the balance sheet of Jedi's Restaurant, Inc. for 201 of Jedi's Restaurant, Inc. for 2019 in account form 2019 Accounts Sales Revenue Depreciation expense Cost of sales Operating expenses Interest expense Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Tax rate of the company $37,078 5,322 12,748 3,031 2,486 19,438 25,739 3,752 65,102 163,036 14,046 45,760 21%

Answer 1

Income statement for Jedi's Restaurant Inc for year ended 31st December 2019 :- Particulars Amounts Sales Revenue 37,078 Less: Cost of sales 12,748 Gross profit 24,330 Less: Operating expenses 3,031 Less: Depreciation expense 5,322 Income before interest and tax 21,299 Less: Interest expense 2,486 Income before tax 18,813 Less: Income tax @ 21% 3,951 Net Income 14,862

Amounts Balance Sheet :: Assets Current Assets : Cash Accounts Receivable Inventory Total Current Assets (A) Amount S Liabilities and Shareholders Equity Current Liabilities : 19,438 Accounts Payable 25,739 Short term notes Payable 45,760 Total Current Liabilities 90,937 Non-Current Liabilities : Long term debt 14,046 3,752 17,798 65,102 Non-Current Assets: Property, Plant and Equipment Net fixed assets 82,900 171,073 Total Liabilities (A) 163,036 Shareholders Equity :- Shareholders Equity 163,036 Total Shareholders Equity (B) 253,973 Liabilities and Shareholders Equity (A+B) Net Property, Plant and Equipment (B) 171,073 253,973 Total Assets (A+B) Using accounting equation, Total Assets = Total liabilities - Shareholders equity Shareholders equity is = (253973-82900) = $ 171,073/.