following linancial statement information for Peal Company as for the year 2021: Required: Fill the missing amounts. (Hint: There are 6 missing amounts). Note: Write only the final amount. Do not show your calculation. Peal Company Income Statement For the year ended 2021 Net Sales $12,000 -1- Cost of goods sold Gross profit 6,500 Operating expenses Selling -2- expenses General and administrative expense S Total operating expenses Income from operations Other expenses Interest expense Net income 1,800 4,000 2,500 500 $2,000 Peal Company Statement of Owner's equity For 2021 Capital, Beginning $3,000 balance Add: Investment 10,000 Net income 2,000 Less: Drawings -3- Capital, Ending balance 5,000 Assets Cash $35,000 Prepaid rent 10,000 Office Furniture 10,000 5,000 Computer Equipment Peal Company Balance Sheet As of Dec 31, 2021 Liabilities and Equity Notes Payable -6- Owner's equity. Owner's capital -5-

following linancial statement information for Peal Company as for the year 2021: Required: Fill the missing amounts. (Hint: There are 6 missing amounts). Note: Write only the final amount. Do not show your calculation. Peal Company Income Statement For the year ended 2021 Net Sales $12,000 -1- Cost of goods sold Gross profit 6,500 Operating expenses Selling -2- expenses General and administrative expense S Total operating expenses Income from operations Other expenses Interest expense Net income 1,800 4,000 2,500 500 $2,000 Peal Company Statement of Owner's equity For 2021 Capital, Beginning $3,000 balance Add: Investment 10,000 Net income 2,000 Less: Drawings -3- Capital, Ending balance 5,000 Assets Cash $35,000 Prepaid rent 10,000 Office Furniture 10,000 5,000 Computer Equipment Peal Company Balance Sheet As of Dec 31, 2021 Liabilities and Equity Notes Payable -6- Owner's equity. Owner's capital -5-

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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