2) Please Prepare a properly formated Profit and Loss Statement, Retained Earnings Statement and Balance Sheet from (In order for your Balance Sheet to Balance you will have to calculate ending Retained Eamings) the following items: Cash $ 163,000.00 Accumulated Depreciation $ 145,000.00 $ 230,000.00 Accounts Payable Retained Earnings, Beginning Salary Expense Sales Revenue $3,400,000.00 $ 1,210,000.00 Cost of Goods Sold $ 326,000.00 Selling Expense Inventory Advertising Expense Depreciation Expense Accounts Receivable $ 725,000.00 $ 25,000.00 $ 365,000.00 $ 25,000.00 $ 250,000.00 $ 255,000.00 $ 450,000.00 $ 50,000.00 $ 75,000.00 $ 343,000.00 Land Bank Loan Payable - Current Prepaid Assets Common Stock $ 85,000.00 $ 375,000.00 $ 240,000.00 $ 15,000.00 $ 775,000.00 General and Administrative expense Marketing Expense Equipment Wages Payable Dividends $ 65,000.00 Building

2) Please Prepare a properly formated Profit and Loss Statement, Retained Earnings Statement and Balance Sheet from (In order for your Balance Sheet to Balance you will have to calculate ending Retained Eamings) the following items: Cash $ 163,000.00 Accumulated Depreciation $ 145,000.00 $ 230,000.00 Accounts Payable Retained Earnings, Beginning Salary Expense Sales Revenue $3,400,000.00 $ 1,210,000.00 Cost of Goods Sold $ 326,000.00 Selling Expense Inventory Advertising Expense Depreciation Expense Accounts Receivable $ 725,000.00 $ 25,000.00 $ 365,000.00 $ 25,000.00 $ 250,000.00 $ 255,000.00 $ 450,000.00 $ 50,000.00 $ 75,000.00 $ 343,000.00 Land Bank Loan Payable - Current Prepaid Assets Common Stock $ 85,000.00 $ 375,000.00 $ 240,000.00 $ 15,000.00 $ 775,000.00 General and Administrative expense Marketing Expense Equipment Wages Payable Dividends $ 65,000.00 Building

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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