3-5. (Working with an income statement and balance sheet) Prepare a balance shee

Question

3-5. (Working with an income statement and balance sheet) Prepare a balance sheet and income statement for Belmond, Inc. from the following information. Inventory Common stock Cash Operating expenses Short-term notes payable Interest expense Depreciation expense Net sales 6,500 45,000 16,550 1,350 600 900 500 12,800 9,600 4,800 55,000 5.750 122,000 34,000 440 850 Accounts receivable Accounts payable Long-term debt Cost of goods sold Buildings and equipment Accumulated depreciation Taxes General and administrative expense Retained earnings

Explanation / Answer

Belmond Inc

Balance sheet as on .............

Belmond Inc

Income Statement for the year ended .............

$ Assets Cash                    16,550 Accounts Receivable                      9,600 Inventory                      6,500 Total Current Assets                    32,650 Building & Equipments                 122,000 Accumulated Depreciation                 (34,000) Net Fixed Assets                    88,000 Total Assets                 120,650 Liabilities Accounts Payable                      4,800 S.T notes Payable                          600 Total Current Liabilities                      5,400 L.T.Debt                    55,000 Retained Earnings (Bal. Fig.)                    15,250 Common stock                    45,000 Total Owner's Equity                    60,250 Total Liabilities & Equity                 120,650

Related Questions

Navigate

• Browse (All)
• Browse 3
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.