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    The Sweet Corn Company generated revenues of $85,000 for the month ended June 30, 2X18. Expenses during this period included $22,800 for popcorn, $17,300 for toppings and seasonings, $10,700 for employee wages and benefits, $24,000 for lease payments, $3,200 for utilities, $900 for advertising, and $300 for miscellaneous expenses. As of June 30, 2X18, the company had $6,200 in cash, $12,500 in equipment, $650 in accounts payable, $1,200 in wages payable, $12,500 in investment by the owner, and $1,450 in drawings taken by the

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    The Sweet Corn Company generated revenues of $85,000 for the month ended June 30, 2X18. Expenses during this period included $22,800 for popcorn, $17,300 for toppings and seasonings, $10,700 for employee wages and benefits, $24,000 for lease payments, $3,200 for utilities, $900 for advertising, and $300 for miscellaneous expenses. As of June 30, 2X18, the company had $6,200 in cash, $12,500 in equipment, $650 in accounts payable, $1,200 in wages payable, $12,500 in investment by the owner, and $1,450 in drawings taken by the

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    55 views1 page

    14 Handout 1

    Uploaded by

    Jeffer Jay Gubalane
    The Sweet Corn Company generated revenues of $85,000 for the month ended June 30, 2X18. Expenses during this period included $22,800 for popcorn, $17,300 for toppings and seasonings, $10,700 for employee wages and benefits, $24,000 for lease payments, $3,200 for utilities, $900 for advertising, and $300 for miscellaneous expenses. As of June 30, 2X18, the company had $6,200 in cash, $12,500 in equipment, $650 in accounts payable, $1,200 in wages payable, $12,500 in investment by the owner, and $1,450 in drawings taken by the

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    BM2019

    REVIEW OF THE COMPANY’S BALANCE SHEET ACCOUNTS

    Note: Refer to all your handouts in Intermediate Accounting 1 and all previous handouts of this course to
    review the concepts you have learned.
    Sweet Corn Company
    The following are the account balances of Sweet Corn for the month ended June 30, 2X18.

    Revenues P85,000
    Expenses:
    Popcorn 22,800
    Toppings and seasonings 17,300
    Employees’ wages and benefits 10,700
    Lease payments 24,000
    Utilities 3,200
    Advertising 900
    Miscellaneous 300
    Cash 6,200
    Equipment 12,500
    Accounts Payable 650
    Wages Payable 1,200
    Investment by Owner 12,500
    Drawings by Owner 1,450

    Required: Create a statement of financial position (balance sheet) as of June 30, 2X18. (Tip: Create first the
    income statement, then the statement of owner’s equity to make a correct balance sheet.)

    14 Handout 1 *Property of STI


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