Question

ce Comparative December 1, 2020 e Sheet 2018 INCREASE DECREASE amoum percent 2000 2010 $132.000 22.500 $154500 $120.000 18000 $138.000 99.000 87.000 $225.000 Owner's Equity $307.500 16. Prepare an income statement for Hansen Realty for the year ended December 31, 2020. Beginning inventory was $1.348. Ending inventory was $1.600 LU 16-21) $34,900 1,092 1.152 10.512 Sales Sales returns and allowances Sales discount Purchases Purchase discounts Depreciation expense Salary expense Insurance expense Utilities expense Plumbing expense Rent expense LIS 5.200 2000 IND 436

Answer 1

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16-3	a	b	a-b=c	c/b
	Year 2020	Year 2019	Amount	Percent
Current Assets
Cash	$       15,750	$       10,500	$       5,250	50.00%
Accounts Receivable	$       18,000	$       13,500	$       4,500	33.33%
Merchandise Inventory	$       18,750	$       22,500	$     (3,750)	-16.67%
Prepaid Advertising	$       54,000	$       45,000	$       9,000	20.00%
Total Current Assets	$     106,500	$       91,500	$     15,000	16.39%
Plant and Euqipment:
Building	$     120,000	$     126,000	$     (6,000)	-4.76%
Land	$       90,000	$       90,000	$              -	0.00%
Total Plant and Euqipment	$     210,000	$     216,000	$     (6,000)	-2.78%
Total Assets	$     316,500	$     307,500	$       9,000	2.93%
Current Liabilties:
Accounts Payable	$     132,000	$     120,000	$     12,000	10.00%
Salaries payable	$       22,500	$       18,000	$       4,500	25.00%
Total Current liabilities	$     154,500	$     138,000	$     16,500	11.96%
Long term liabilities:
Mortgage Note payable	$       99,000	$       87,000	$     12,000	13.79%
Total Liabilities	$     253,500	$     225,000	$     28,500	12.67%
Owner's Equity
A Brown Capital	$       63,000	$       82,500	$ (19,500)	-23.64%
Total Liabilities and owner's Equity	$     316,500	$     307,500	$       9,000	2.93%
16-4
Sales			$     34,900
Less:
Sales Return and Allowance		$          1,092
Sales Discount		$          1,152	$     (2,244)
Net Sale			$     32,656
Less: Cost of Goods Sold
Beginning inventory		$          1,248
Add: Net Purchases
Purchases	$       10,512
Less: Purchase Discount	$           (540)	$          9,972
Cost of goods available for sale		$       11,220
Less: Ending Inventory		$       (1,600)
Cost of Goods Sold			$     (9,620)
Gross Profit			$     23,036
Less: Operating Expense
Depreciation Expense		$             115
Salary Expense		$          5,200
Insurance Expense		$          2,600
Utility Expense		$             210
Plumbin Expense		$             250
Rent Expense		$             180
Total Operating Expense			$     (8,555)
Net Income			$     14,481