Constructing Financial Statements from Account DataBarth Company reports the following year-end account balances at December 31, 2011. Prepare the 2011 income statement and the balance sheet as of December 31, 2011.Accounts payableAccounts receivableBonds payable, long-termBuildingsCashCommon stockCost of goods soldEquipmentExpensesTotal expensesNet incomeAssetsCashTotal current assetsTotal assetsBarth CompanyIncome StatementYear Ended December 31, 2011♦$♦◆◆$24.000Inventory $ 54,00045,000Land120,00012,000300,000Goodwill226,500 Retained earnings90,00072,000Sales revenue600,000♦+♦♦225,000 Supplies inventory4,500270,000 Supplies expense 9,000105,000Wages expense 60,000◆◆◆$$$Barth CompanyBalance SheetDecember 31, 2011Liabilities and equityTotal liabilities♦◆+Total equityTotal liabilities and equity

Lets understand the basis. Income statement is prepared to understand the revenue, expense and net…

Constructing Financial Statements from Account Data Barth Company reports the following year-end account balances at December 31, 2011. Prepare the 2011 income statement and the balance sheet as of December 31, 2011. Accounts payable Accounts receivable Bonds payable, long-term Buildings Cash Common stock Cost of goods sold Equipment Inventory $ 54,000 Land 120,000 12.000 90.000 600.000 4,500 $ 24,000 45,000 300,000 Goodwill 226.500 Retained earnings 72.000 Sales revenue 225,000 Supplies inventory 270.000 Supplies expense 105.000 Wages expense Barth Company Income Statement Year Ended December 31, 2011 9.000 60.000

Constructing Financial Statements from Account Data Barth Company reports the following year-end account balances at December 31, 2011. Prepare the 2011 income statement and the balance sheet as of December 31, 2011. Accounts payable Accounts receivable Bonds payable, long-term Buildings Cash Common stock Cost of goods sold Equipment Inventory $ 54,000 Land 120,000 12.000 90.000 600.000 4,500 $ 24,000 45,000 300,000 Goodwill 226.500 Retained earnings 72.000 Sales revenue 225,000 Supplies inventory 270.000 Supplies expense 105.000 Wages expense Barth Company Income Statement Year Ended December 31, 2011 9.000 60.000

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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