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Required information [The following information applies to the questions displayed below.) The December 31, 2018, adjusted tr
Required: 1. Prepare an income statement for the year ended December 31, 2018. FIGHTIN BLUE HENS CORPORATION Income Statemen
work Chapter 3 Saved veprelid LIVII Cxpense Interest Expense 33,0UU 4,300 Totals $899,900 $899,900 2. Prepare a statement of
Balance Sheet December 31, 2018 Assets Liabilities Total current assets O Total current liabilities nces Total long-term liab
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Answer #1
Income statement for the year ended Dec 31, 2018
Income
Service Revenue 430000
Total Income 430000
Expenses
Salaries Exp 330000
Rent expenses 16500
Depreciation 33000
Interest 4300
Total Expenses 383800
Net Profit 46200
Statement of stockholdre's equity for the year ended Dec 31, 2018
Common Stock Retained earning Total stockholder's equity
Balance at January 1 230000 53000 283000
Add: Earning for the year 46200 46200
Less: Dividend
Balance at Dec 31 230000 99200 329200
Balance Sheet at Dec 31, 2018
Assets Liabilities
Cash 11300 Accounts payable 11300
Accounts receivables 143000 Salaries payable 10300
Prepaid Rent 5300 Interest payables 4300
Supplies 26500 Notes Payables 33000
Total current Assets 186100 Total current Liabilities 58900
Equipments 330000 Total long term liabilities 0
Less: accumulated Depreciation 128000 Stockholder's equity
Net equipment value 202000 Common Stock 230000
Retained Earnings 53000
Total long term assets 202000 Net earning for the year 46200
Total stockholder's equity 329200
Total Assets 388100 Total iabilities & stockholder's equity 388100

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