Homework Answers
1. Income Statement
| Income statement | |||
| Sales Revenue | 42000 | ||
| Cost of goods | 19000 | ||
| Gross Margin | 23000 | ||
| Rent Expense | (5000) | ||
| Interest Expenses | (100) | ||
| Tax Expenses | (1000) | (6100) | |
| Net Income | 16900 |
2. Statement of Equity
| Common Stock | 50000 |
| Add: Retained Earnings | 16400 |
| Total | 66400 |
3. Balance Sheet
| Assets | Dollars | |
| Current Assets | ||
| Cash | 17400 | |
| Inventory | 11000 | |
| Accounts Receivable | 10000 | |
| Total Current asset (a) | 38400 | |
| Tangible Assets | ||
| Equipment | 35000 | |
| Total Tangible Assets (b) | 35000 | |
| Total Assets (a+b) | 73400 | |
| Liabilities | ||
| Long term Liabilities | ||
| Bank Loan | 7000 | |
| Total Long term Liabilities | 7000 | |
| Total Liabilities(a) | 7000 | |
| Equity (b) | 66400 | |
| Total Liabilities and Equity (a+b) | 73400 |
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