The folowing information is available from the accounting records of Horizon Com
ID: 2523683 • Letter: T
Question
The folowing information is available from the accounting records of Horizon Company for the year e y for the year ended March 31, 2018 Treasury stocks.... Loans payable ($45,000 is to be repaid within a yer.... $100,000 1,795,000 Income 1,747,000 Accounts receivables.... .. 464,000 bolance 199,000 620,000 25,000 Merchandise inventory... Wages payable. . 725,000 Land. 889,000 bance 495,000 770,000 bolance 1,110,000 halance Accumulated depreciation-building 8,313,000 Income Cost of goods sold.. Dividend declared and paid.. Selling Expense. Cash Allowance for bad debt. 4,870,000 Intome 40,000 1,225,000 Income Common Stock, $1 par value Interest expense Research and development expense Additional paid-in capital. …-… 23,000 36,000 700,000 150,000 373,000 378,000 halanc Required: Use Microsoft Excel to prepare the following 2018 financial statements for Horizon Company: a. Multiple-step income statement. b. Statement of changes in stockholders' equity c. Balance sheet.Explanation / Answer
a) Horizon Company
Income Statement
For the year ended 31st March 2018
(Amount in $)
Net Sales 8,313,000
Less:Cost of goods sold 4,870,000
----------------
Gross Profit 3,443,000
---------------
Operating Expenses
Administrative Expenses 1,795,000
Selling Expenses 1,225,000
--------------
3,020,000 3,020,000
-----------------
Operating Income 423,000
Less:Non-operating Expenses
Interest Expense 150,000
R &D Expense 373,000 , 523,000
-------------
Net Loss $ 100,000
--------------
b)Statement of Changes in Stockholders' Equity For the year ended 31-3-2018
Common Stock at par value 700,000
Additional Paid-in Capital 378,000
Less:Treasury Stocks 100,000
------------- 978,000
Retained Earnings 199,000
Less: Loss for the Year 100,000
Less: Dividend Paid 40,000
------------- 140,000 59,000
------------- ----.--------.
1,037,000
--------------
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.