Using the following end of year account balances, create a Multi-step Income Sta
ID: 2443677 • Letter: U
Question
Using the following end of year account balances, create a Multi-step Income Statement and a Balance Sheet with the proper format and in the proper order. Save your file and submit it to the assessment.Accrued Expenses $17,000 Accounts Payable $35,000
Utilities $ 7,000 Accounts Receivable $30,000
Equipment $68,000 Inventory $23,000
Sales Tax Payable $10,000 BOY Ret Earnings $39,000
Allowances $ 4,000 Wages $11,000
Prepaid Expenses $14,000 Benefits $ 4,000
Interest Expense $ 9,000 Accum Dep - Equip $30,000
Depreciation $ 5,000 Dividends $ 8,000
Loans Payable $45,000 Cost of Food Sold $39,000
Common Stock $48,000 Cash $25,000
Sales $98,000 Land $75,000
Can someone pls help me with this??
Explanation / Answer
Sales $98,000 Less:cost of food sold $39,000 Gross profit $59,000 Operating Expenses Allowances $4,000 wages $11,000 Benefits $4,000 Depreciation $5,000 utilities $7,000 Total operating expenses $31,000 Net operating income $28,000 Non operating expenses interest expenses $9,000 $9,000 Net income $19,000 RetainedEarnings statement opening balance $39,000 Net income during the year $19,000 $58,000 Less:Dividends $8,000 Retained earnings at the end of the year $50,000 Balance sheet ASSETS Current assets: cash $25,000 Accounts receivable $30,000 Inventory $23,000 Prepaid expenses $14,000 Total current assets $92,000 Equipment $68,000 Less:Accumulated depreciation $30,000 $38,000 Land $75,000 Total assets $205,000 LIABILITIES Current liabilities: Accounts payable $35,000 Sales tax payable $10,000 Accurred expenses $17,000 Total current liabilities $62,000 Loans payable $45,000 stockholders equity common stock $48,000 retained earnings $50,000 Total stockholders equity $98,000 Total liabilities and stockholders equity $205,000
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