construct the following financial statements on each sheets provided- income statement statement of changes in equity statement of cash flow statement of financial position using the following accounts information: Inventory - 570,000 Accounts Receivable - 118,800 Accounts Payable - 22,000 Loans Receivable - 48,000 Allowance for Doubtful Accounts - 9,000 Interest Receivable - 2,800 Common Stock - 720,000 Credit Sales - 660,000 Cash Sales - 240,000 Cost of Goods Sold - 540,000 Interest Income - 2,800 Selling and Admin Expense - 134,000 Bad Debts Expense - 6,200 Retained Earnings - 222,600 Collection of Receivables - 706,000 Loan Granted - 48,000 Current Liabilities Paid - 540,000 Beginning Cash - 118,000
construct the following financial statements on each sheets provided- income statement statement of changes in equity statement of cash flow statement of financial position using the following accounts information: Inventory - 570,000 Accounts Receivable - 118,800 Accounts Payable - 22,000 Loans Receivable - 48,000 Allowance for Doubtful Accounts - 9,000 Interest Receivable - 2,800 Common Stock - 720,000 Credit Sales - 660,000 Cash Sales - 240,000 Cost of Goods Sold - 540,000 Interest Income - 2,800 Selling and Admin Expense - 134,000 Bad Debts Expense - 6,200 Retained Earnings - 222,600 Collection of Receivables - 706,000 Loan Granted - 48,000 Current Liabilities Paid - 540,000 Beginning Cash - 118,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
construct the following financial statements on each sheets provided-
- income statement
- statement of changes in equity
- statement of
cash flow statement of financial position
using the following accounts information:
Inventory - 570,000
Accounts Payable - 22,000
Loans Receivable - 48,000
Allowance for Doubtful Accounts - 9,000
Interest Receivable - 2,800
Common Stock - 720,000
Credit Sales - 660,000
Cash Sales - 240,000
Cost of Goods Sold - 540,000
Interest Income - 2,800
Selling and Admin Expense - 134,000
Collection of Receivables - 706,000
Loan Granted - 48,000
Current Liabilities Paid - 540,000
Beginning Cash - 118,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education