Construct a proper Balance Sheet using the following accounts: Checking Inventory Accounts Receivable Land Buildings Accumulated Depreciation 45,000 8,000 10,000 35,000 60,000 (10,000) Accounts Payable Notes Payable Retained Earnings Contruct a proper Income Statement using the following accounts Sales Sales Returns and Allowances Utilities Expense Insurance Expense Salaries Expense Rent Expense Cost of Goods Sold Depreciation Expense 10,000 22,000 116,000 100,000 5,000 1,200 1,500 45,000 12,000 30,000 3,000

Construct a proper Balance Sheet using the following accounts: Checking Inventory Accounts Receivable Land Buildings Accumulated Depreciation 45,000 8,000 10,000 35,000 60,000 (10,000) Accounts Payable Notes Payable Retained Earnings Contruct a proper Income Statement using the following accounts Sales Sales Returns and Allowances Utilities Expense Insurance Expense Salaries Expense Rent Expense Cost of Goods Sold Depreciation Expense 10,000 22,000 116,000 100,000 5,000 1,200 1,500 45,000 12,000 30,000 3,000

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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