BALANCE SHEET INCOME STATEMENT Current Assets: 2017 2018 2018 Cash $ 143,000 $ 154,775 $ 178,000 $ 231,400 $ 358,000 $ 465,400 $ 33,000 $ $ 2,082,600 $ 1,280,500 $ 802,100 $ 258,700 $ Total Revenue Accounts receivable Cost of Goods Sold Inventories Prepaid expenses Gross Profit 42,900 $ 712,000 $ 894,475 Salaries and wages Marketing expenses Total Current Assets 59,800 $ 127,400 $ 24 Non-Current Assets: SG&A Furniture and fixtures Buildings and property Accumulated Depreciation) $ 150,000 $ 160,000 $ 540,000 $ 555,000 $ (198,000) $ (244,500) $ 492,000 $ 470,500 $ 1,204,000 $ 1,364,975 48,000 Insurance expense Depreciation expense Operating Profit Interest expense 46,500 $ 261,700 Total Non-Current Assets 18,000 Total Assets Тахes $ 60,925 $ 182,775 Net Income Current Liabilities: Accounts Payable $ 196,000 $ 254,800 $ Salaries and wages payable Current portion of bank loan 30,000 $ 39,000 45,000 $ 18,000 $ $ 289,000 $ 362,200 $ 45,000 Deferred revenue 23,400 Total Current Liabilities Non-Current Liabilities: $ 255,000 $ 210,000 $ 255,000 $ 210,000 Bank Loan Total Non-Current Liab. Dwners' Equity: Contributed Capital Retained earnings Total Equity $ 260,000 $ 260,000 $ 400,000 $ 532,775 $ 660,000 $ 792,775 $ 1,204,000 $ 1,364,975 Total Liabilities &OE
BALANCE SHEET INCOME STATEMENT Current Assets: 2017 2018 2018 Cash $ 143,000 $ 154,775 $ 178,000 $ 231,400 $ 358,000 $ 465,400 $ 33,000 $ $ 2,082,600 $ 1,280,500 $ 802,100 $ 258,700 $ Total Revenue Accounts receivable Cost of Goods Sold Inventories Prepaid expenses Gross Profit 42,900 $ 712,000 $ 894,475 Salaries and wages Marketing expenses Total Current Assets 59,800 $ 127,400 $ 24 Non-Current Assets: SG&A Furniture and fixtures Buildings and property Accumulated Depreciation) $ 150,000 $ 160,000 $ 540,000 $ 555,000 $ (198,000) $ (244,500) $ 492,000 $ 470,500 $ 1,204,000 $ 1,364,975 48,000 Insurance expense Depreciation expense Operating Profit Interest expense 46,500 $ 261,700 Total Non-Current Assets 18,000 Total Assets Тахes $ 60,925 $ 182,775 Net Income Current Liabilities: Accounts Payable $ 196,000 $ 254,800 $ Salaries and wages payable Current portion of bank loan 30,000 $ 39,000 45,000 $ 18,000 $ $ 289,000 $ 362,200 $ 45,000 Deferred revenue 23,400 Total Current Liabilities Non-Current Liabilities: $ 255,000 $ 210,000 $ 255,000 $ 210,000 Bank Loan Total Non-Current Liab. Dwners' Equity: Contributed Capital Retained earnings Total Equity $ 260,000 $ 260,000 $ 400,000 $ 532,775 $ 660,000 $ 792,775 $ 1,204,000 $ 1,364,975 Total Liabilities &OE
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Calculate Comfy Home’s
![BALANCE SHEET
INCOME STATEMENT
Current Assets:
2017
2018
2018
$ 2,082,600
$ 1,280,500
$ 802,100
$ 258,700
$
$ 127,400
$
$
$
143,000 $
$
Cash
154,775
Total Revenue
178,000 $
358,000 $ 465,400
$
Accounts receivable
231,400
Cost of Goods Sold
Inventories
Gross Profit
Prepaid expenses
33,000 $
42,900
Salaries and wages
Total Current Assets
$ 712,000 $ 894,475
Marketing expenses
59,800
Non-Current Assets:
SG&A
150,000 $ 160,000
540,000 $ 555,000
$ (198,000) $ (244,500)
$ 492,000 $ 470,500
$ 1,204,000 $ 1,364,975
Furniture and fixtures
Insurance expense
48,000
Buildings and property
|(Accumulated Depreciation)
Depreciation expense
46,500
Operating Profit
Interest expense
$ 261,700
$
Total Non-Current Assets
18,000
Total Assets
Таxes
60,925
Net Income
$ 182,775
Current Liabilities:
Accounts Payable
Salaries and wages payable
$
196,000 $
$
254,800
30,000 $
45,000 $
$
39,000
Current portion of bank loan
45,000
18,000 $
$ 289,000 $ 362,200
Deferred revenue
23,400
Total Current Liabilities
Non-Current Liabilities:
255,000 $ 210,000
$ 255,000 $ 210,000
Bank Loan
$
Total Non-Current Liab.
Owners' Equity:
Contributed Capital
Retained earnings
Total Equity
$ 260,000 $ 260,000
$ 400,000 $
$ 660,000 $ 792,775
$ 1,204,000 $ 1,364,975
532,775
Total Liabilities &OE
%24](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffd644ef1-0ef8-4b8b-b65d-c623df9b5a9f%2F51fb064b-0d49-437f-8a64-34cd50013197%2F9iay419_processed.png&w=3840&q=75)
Transcribed Image Text:BALANCE SHEET
INCOME STATEMENT
Current Assets:
2017
2018
2018
$ 2,082,600
$ 1,280,500
$ 802,100
$ 258,700
$
$ 127,400
$
$
$
143,000 $
$
Cash
154,775
Total Revenue
178,000 $
358,000 $ 465,400
$
Accounts receivable
231,400
Cost of Goods Sold
Inventories
Gross Profit
Prepaid expenses
33,000 $
42,900
Salaries and wages
Total Current Assets
$ 712,000 $ 894,475
Marketing expenses
59,800
Non-Current Assets:
SG&A
150,000 $ 160,000
540,000 $ 555,000
$ (198,000) $ (244,500)
$ 492,000 $ 470,500
$ 1,204,000 $ 1,364,975
Furniture and fixtures
Insurance expense
48,000
Buildings and property
|(Accumulated Depreciation)
Depreciation expense
46,500
Operating Profit
Interest expense
$ 261,700
$
Total Non-Current Assets
18,000
Total Assets
Таxes
60,925
Net Income
$ 182,775
Current Liabilities:
Accounts Payable
Salaries and wages payable
$
196,000 $
$
254,800
30,000 $
45,000 $
$
39,000
Current portion of bank loan
45,000
18,000 $
$ 289,000 $ 362,200
Deferred revenue
23,400
Total Current Liabilities
Non-Current Liabilities:
255,000 $ 210,000
$ 255,000 $ 210,000
Bank Loan
$
Total Non-Current Liab.
Owners' Equity:
Contributed Capital
Retained earnings
Total Equity
$ 260,000 $ 260,000
$ 400,000 $
$ 660,000 $ 792,775
$ 1,204,000 $ 1,364,975
532,775
Total Liabilities &OE
%24
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