The CFO of Green Dating Service, Inc. has just collected the following data for

Question

The CFO of Green Dating Service, Inc. has just collected the following data for December 31, 2017. Write a balance sheet and income statement. Accounts Receivable 250,000 Accounts Payable 260,000 Capital Surplus 100,000 Cash 190,000 Common Stock 300,000 Costs 640,000 Depreciation Expense 40,000 Dividends 26,750 Net Furniture & Fixtures 200,000 Goodwill 180,000 Interest Expense 50,000 Inventory 175,000 Land 305,000 Line of Credit (used) 200,000 Long Term Loan 340,000 Retained Earnings ? Sales 925,000 Tax rate 35%

Explanation / Answer

Freen Dating Service, Inc Statement of Net income for December 31, 2017 Sales 925000 Costs 640000 Depreciation Expense 40000 Interest Expense 50000 730000 Profit Before Tax 195000 Tax 35% 68250 Net Income 126750

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