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$ 10,475    Accounts receivable 16,640    Inventory 98,220    Building 188,600    Accumulated amortization—building 72,600    Accounts payable 9,400    Income taxes payable 5,450    Common shares 154,525    Retained earnings, beginning 40,720    Dividends declared 7,500    Sales revenue 265,000    Cost of goods sold 143,600    Salaries and wages

$ 10,475    Accounts receivable 16,640    Inventory 98,220    Building 188,600    Accumulated amortization—building 72,600    Accounts payable 9,400    Income taxes payable 5,450    Common shares 154,525    Retained earnings, beginning 40,720    Dividends declared 7,500    Sales revenue 265,000    Cost of goods sold 143,600    Salaries and wages

FINANCIAL ACCOUNTING
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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1. Shown below are the account balances for Barnie Corp. for their year-end December 31, 2022:

   Cash $ 10,475

   Accounts receivable 16,640

   Inventory 98,220

   Building 188,600

   Accumulated amortization—building 72,600

   Accounts payable 9,400

   Income taxes payable 5,450

   Common shares 154,525

   Retained earnings, beginning 40,720

   Dividends declared 7,500

   Sales revenue 265,000

   Cost of goods sold 143,600

   Salaries and wages expense 56,900

   Amortization expense 12,850

   Utilities expense 3,300

   Supplies expense 1,970

   Income taxes expense 7,640

 

Required: prepare the:

i) the income statement,

ii) the statement of retained earnings, and 

iii) the classified balance sheet for Barnie Corporation.

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