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Balance Sheet and Income Statement
Balance Sheet and Income Statement
Statement Homework
Question 1
Liabilities
Accounts Payable $210,000
Assets
Cash $127,000
Equity
Common Stock $282,000
Accumulated Retained Earnings
$1,278,000
Question 2
Revenues
Sales $52,000
Total Revenues $52,000
Cost of Goods Sold
Costs $27,300
Total Cost of Goods Sold $27,300
Gross Profit $24,700
Expenses
Depreciation Expense $8,877
Interest Expense $4,900
Total Expenses $4,900
Net Income Before Taxes $10,923
Net Income After Taxes $7,100
Statement of Retained Earnings
Beginning Balance Net Income $7,100
Dividends ($1,800)
Ending Balance + $5,300
Question 3
2010
Assets
Cash $6,067
Accounts Receivable $8,034
Inventory $14,283
Equity
Equity $53,397
2011
Assets
Cash $6,466
Accounts Receivable $9,427
Liabilities
Inventory $15,288
Equity
Equity $54,967