1 answer

Credit $ 2,000 BUSI 1043 INC. Adjusted Trial Balance Asat December 31, 2019 Debit Cash $...

Question:

Credit $ 2,000 BUSI 1043 INC. Adjusted Trial Balance Asat December 31, 2019 Debit Cash $ 10.000 Accounts Receivable $ 17,000

Body) Tell me what you want to do EvE V 11 Open in Desktop App A Ă BI U ON A A Interest Payable $ 1,500 Income Tax Payable $

Credit $ 2,000 BUSI 1043 INC. Adjusted Trial Balance Asat December 31, 2019 Debit Cash $ 10.000 Accounts Receivable $ 17,000 Allo wa nce for doubtful accounts Inventory $ 20,000 Prepaid Expenses $ 2.000 Long Term Investments $ 100.000 Building $300.000 Accumulated Depreciation - Building Equipment $ 75,000 Accumulated Depreciation - Equipment Accounts Payable Salaries Payable Interest Payable Income Tax Payable Unearned Revenue Current portion of bank loan payable Bank loan payable Common Sharee $ 30,000 $ 15.000 s 8000 3.500 $ 1.500 $ 12.000 $ 5.000 S 3.500 $ 35,000 100
Body) Tell me what you want to do EvE V 11 Open in Desktop App A Ă BI U ON A A Interest Payable $ 1,500 Income Tax Payable $ 12,000 Unearned Revenue $ 5,000 Current portion of bank loan payable $ 3,500 Bank loan payable $ 35,000 Common Shares $ 100 Dividends Declared $ 16,000 Retained Earnings $ 329400 Sales $500,000 Sales returns and allowances $ 15,000 Sales discounts $ 6.000 Interest revenue S 3.000 Cost of goods sold $285.000 Salaries expense $ 40.000 Rent expense $ 16.000 Depreciation expense S 12 000 Advertising expense $ 11,000 Supplies expense $ 6.000 Insurance expense $ 4.000 Interest expense $ 1 000 Income tax expense $ 12.000 1. Prepare the Balance Sheet 2. Prepare the Income Statement

Answers

Answer :

1. Income Statement

Particulars Amount (in $) Amount (in $)
Revenues :
Sales 500,000
Less : Sales returns and allowances (15,000)
Sales discounts (6,000)
Net Sales 479,000
Interest revenue 3,000
Expenses :
Cost of goods sold 285,000
Salaries expense 40,000
Rent expense 16,000
Depreciation expense 12,000
Advertising expense 11,000
Supplies expense 6,000
Insurance expense 4,000
Interest expense 1,000
Income tax expense 12,000
Total expense (387,000)
Net Income 95,000

2. Balance Sheet

Amount (in $)
ASSETS
Current Assets
Cash 10,000
Accounts receivable 17,000
Less : Allowance for doubtful accounts 2,000 15,000
Inventory 20,000
Prepaid expenses 2,000
Investment
Long term investments 100,000
Long term assets
Building 300,000
Less : Accumulated depreciation 30,000 270,000
Equipment 75,000
Less : Accumulated depreciation 15,000 60,000
TOTAL ASSETS 477,000
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable 8,000
Salaries payable 3,500
Interest payable 1,500
Income tax payable 12,000
Unearned revenue 5,000
Current portion of bank loan payable 3,500
Long term liabilities
Bank loan payable 35,000
Shareholders' equity
Common shares 100
Retained earnings (Note) 408,400
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 477,000

Note :

Retained earnings = Beginning retained earnings + Net Income - Dividend declared

= $329,400 + $95,000 - $16,000

= $408,400

.

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