FirstChem Co. List of Account Balances December 31, 2017 Debit Credit Balances B

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FirstChem Co. List of Account Balances December 31, 2017 Debit Credit Balances Balances Accounts Payable            8,750,000 Accounts Receivable          17,400,000 Accumulated Depreciation - Buildings          61,000,000 Accumulated Depreciation - Trucks          17,000,000 Buildings        170,000,000 Cash            4,750,000 Common Stock          50,000,000 Depreciation - Expense Trucks            5,000,000 Depreciation Expense - Buildings            9,500,000 Dividends            7,500,000 Insurance Expense            7,850,000 Land        100,000,000 Miscellaneous Expense            9,150,000 Prepaid Insurance            1,150,000 Rent Expense          11,900,000 Retained Earnings        206,400,000 Salaries Payable            1,400,000 Salary Expense          81,400,000 Service Fees Earned        169,330,000 Supplies            2,175,000 Supplies Expense            4,025,000 Taxes Expense            2,900,000 Trucks          75,000,000 Unearned Service Fees            3,850,000 Utilities Expense            8,030,000        517,730,000        517,730,000 First Chem Co. has 30,000 shares of stock authorized, 17,000 issued and outstanding as of 12/31/17 1. Prepare an income statement (don't forget to calculate EPS and show on the face of the statement FirstChem Co. List of Account Balances December 31, 2017 Debit Credit Balances Balances Accounts Payable            8,750,000 Accounts Receivable          17,400,000 Accumulated Depreciation - Buildings          61,000,000 Accumulated Depreciation - Trucks          17,000,000 Buildings        170,000,000 Cash            4,750,000 Common Stock          50,000,000 Depreciation - Expense Trucks            5,000,000 Depreciation Expense - Buildings            9,500,000 Dividends            7,500,000 Insurance Expense            7,850,000 Land        100,000,000 Miscellaneous Expense            9,150,000 Prepaid Insurance            1,150,000 Rent Expense          11,900,000 Retained Earnings        206,400,000 Salaries Payable            1,400,000 Salary Expense          81,400,000 Service Fees Earned        169,330,000 Supplies            2,175,000 Supplies Expense            4,025,000 Taxes Expense            2,900,000 Trucks          75,000,000 Unearned Service Fees            3,850,000 Utilities Expense            8,030,000        517,730,000        517,730,000 First Chem Co. has 30,000 shares of stock authorized, 17,000 issued and outstanding as of 12/31/17 1. Prepare an income statement (don't forget to calculate EPS and show on the face of the statement

Explanation / Answer

Income statement :

Revenue Service Fees Earned 169330000 Expense Salary Expense 81400000 Rent Expense 11900000 Utilities Expense 8030000 Depreciation - Expense Trucks 5000000 Depreciation Expense - Buildings 9500000 Insurance expense 7850000 Miscellaneous Expense 9150000 Supplies Expense 4025000 Taxes Expense 2900000 Total expense 139755000 Net income 29575000 Share outstanding 17000 EPS 1739.71 or 1740

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