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blackboard.com/webapps/assessment/take/launch.jsp?course assess j ment id- 876746 18(course id 234087 1&content; id Please prepare the multi-step income statement, the statement of stockholders' equity and the classified balance sheet and answer the il-in-the-blanks questions Accounts Payable Equipment Supplies Rent Expense Sales Revenue Accumulated Depreciation Buildings $28,000 $220,000 $36,000 $12,000 $545,000 $20,000 $65,000 $25,000 Accounts Receivable Cost of Goods Sold Notes Payable (Due in 2years) interest Expense Sales Discount Depreciation Expense Income Tax Expense Cash $150,000 $400,000 $40,000 $6,000 $45,000 $10,000 $8,000 Salaries Expenses $12,000 in addition, the company has common stock of $250,000 at the beginning of the year and ssued additional shares for $50,000. The company also had retained earinings of $60,000 at the beginning of the year and paid dividend of $4,000 during the year Operating Income Net Income Ending balance of common stock Ending balance of retained earnings Ending total stockholders' equity Total current assets Total long-term assets Total assets Total labilities Total habiies and stockholders' equity aiek Save and Submit to save and submit. Ciek Save All Ansuers to sare all answers.

Explanation / Answer

STATEMENT OF INCOME Amount $ Sales 545000 Less: sales discount 45000 Net sales revenue 500,000 Less: Cost of Goods sold 400,000 Gross revenue 100,000 Less: Operating expense    Rent expense 12,000 Salaries expense 25,000 Depreciation expense 10,000 47000 Net Operating income 53000 Less:Interest expense 6000 Net income before tax 47000 Less: Ttax 8000 Net Income Earned 39,000 STATEMENT OF RETAINED EARNINGS Amount $ Beginning Balance 60,000 Less: Dividend 4,000 Add: Net income earned 39,000 Ending Balance 95,000 BALANCE SHEET Amount $ ASSETS: Current Assets: Cash 12,000 Accounts Receivable 150000 Supplies 36000 198000 Fixed Assets: Building 65,000 Equipment 220,000 Less: Accumulated Dep 20,000 265,000 TOTAL ASSETS 463,000 LIABILITIES: Current Liabilities: Accounst Payable 28000 Long term notes payable 40,000 Total Liabilities: 68,000 Stockholder's equity: Common Stock 300000 Retained earnings 95000 395,000 TOTAL LIABILITIES & EQUITY 463,000 Operating Income 53000 Net Income 39000 Ending Balance of Common stock 300000 Ending balance of Retained earnings 95000 Ending Balance of Stockholder's equity 395000 Total current assets 198000 Total Long-term assets 265000 Total assets 463000 Total liabilities 68000 Total Liabilities and stockholder's equity 463000

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