Create an Income Statement and Balance Sheet for Tropical Shrimp Company Cash $7
ID: 2552593 • Letter: C
Question
Create an Income Statement and Balance Sheet for Tropical Shrimp Company
Cash
$70,000
Shrimp feed
10,400
Accounts receivable
16,000
Accounts payable
19,700
Revenue
65,000
Equipment
75,000
Bank loan payable
20,000
Property and ponds
124,000
Wages
18,000
Utilities
5,500
Telephone
1,000
Capital
215,200
Cash
$70,000
Shrimp feed
10,400
Accounts receivable
16,000
Accounts payable
19,700
Revenue
65,000
Equipment
75,000
Bank loan payable
20,000
Property and ponds
124,000
Wages
18,000
Utilities
5,500
Telephone
1,000
Capital
215,200
Explanation / Answer
Income statement For the year ended Income Revenues $ 65,000 Less:Expenses Wages $ 18,000 Utilities $ 5,500 Telephone $ 1,000 Total expenses $ 24,500 Net income $ 40,500 Balance Sheet Asa at Assets Liabilities Cash $ 70,000 Accounts Payable $ 19,700 Shrimp feed $ 10,400 Bank loan payable $ 20,000 Accounts Receiveble $ 16,000 Equipment $ 75,000 Total Liabilities $ 39,700 Property and ponds $ 124,000 Capital Capital (215,200+40,500) $ 255,700 Total Assets $ 295,400 Total Liabilities and Capital $ 295,400
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