Join the growing community of curious minds on IDNLearn.com. Whether your question is simple or complex, our community is here to provide detailed and trustworthy answers quickly and effectively.
Sagot :
Answer and Explanation:
The preparation of the income statement and the balance sheet is presented below
Income statement
REVENUE
Sales $500,000
Less: EXPENSES
Cost of goods sold ($180,000)
Supplies expenses ($6,000)
Wages expenses ($40,000)
Total expenses ($226,000)
Net income $274,000
Balance sheet :
Assets Amount Liabilities & stockholder equity Amount
Cash $148,000 Account payable $16,000
Account receivable $30,000 Bonds payable, long term $200,000
Supplies $3,000
Inventory $36,000 Total liabilities $216,000
Total current assets $217,000 Common stock $150,000
Land $80,000 Retained earnings $160,000
Building $151,000
Equipment $70,000
Goodwill $8,000
Total assets $526,000 Total liabilities and equity $526,000
We value your presence here. Keep sharing knowledge and helping others find the answers they need. This community is the perfect place to learn together. Thank you for choosing IDNLearn.com for your queries. We’re committed to providing accurate answers, so visit us again soon.
