IIT Casii pai (7) Cash proceeds received from sale of investment in another company (8) Repayment of borrowings Pluyees Nc Graw HE fcad connect PROBLEMS 10/ P9-1 Preparing an Income Statement, Statement of Stockholders' Equity, and Balance Sheet (AP9-1) LO9-1 Assume that you are the president of Highlight Construction Company. At the end of the first year or operations (December 31), the following financial data for the company are available: Cash Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Accounts payable owed to suppliers Salary payable (on December 31, this was owed to an employee who will be paid on January 10) Total sales revenue $ 25,600 10,800 81,000 42,000 46,140 2,520 128,400 80,200 Expenses, including the cost of the merchandise sold (excluding income taxes) Income taxes expense at 30% X Pretax income; all paid during the current year Common stock (December 31) Dividends declared and paid during the current year (Note: The beginning balances in Common Stock and Retained Earnings are zero because it is the first year of operations.) ? 87,000 10,000 Required: Using the financial statement exhibits in the chapter as models and showing computations: 1. Prepare a summarized income statement for the year. 2. Prepare a statement of stockholders' equity for the year. 3. Prepare a balance sheet at December 31. CTO3 1460 IRSTO P9-2 Analyzing a Student's Business and Preparing an Income Statement (AP9-2) his junior and senior years, James Cook needed to earn sufficient money for salary, he decided to try the lawn care
IIT Casii pai (7) Cash proceeds received from sale of investment in another company (8) Repayment of borrowings Pluyees Nc Graw HE fcad connect PROBLEMS 10/ P9-1 Preparing an Income Statement, Statement of Stockholders' Equity, and Balance Sheet (AP9-1) LO9-1 Assume that you are the president of Highlight Construction Company. At the end of the first year or operations (December 31), the following financial data for the company are available: Cash Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Accounts payable owed to suppliers Salary payable (on December 31, this was owed to an employee who will be paid on January 10) Total sales revenue $ 25,600 10,800 81,000 42,000 46,140 2,520 128,400 80,200 Expenses, including the cost of the merchandise sold (excluding income taxes) Income taxes expense at 30% X Pretax income; all paid during the current year Common stock (December 31) Dividends declared and paid during the current year (Note: The beginning balances in Common Stock and Retained Earnings are zero because it is the first year of operations.) ? 87,000 10,000 Required: Using the financial statement exhibits in the chapter as models and showing computations: 1. Prepare a summarized income statement for the year. 2. Prepare a statement of stockholders' equity for the year. 3. Prepare a balance sheet at December 31. CTO3 1460 IRSTO P9-2 Analyzing a Student's Business and Preparing an Income Statement (AP9-2) his junior and senior years, James Cook needed to earn sufficient money for salary, he decided to try the lawn care
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
P9-1
Transcribed Image Text:IIT
Casii pai
(7) Cash proceeds received from sale of investment in another company
(8) Repayment of borrowings
Pluyees
Nc
Graw
HE
fcad
connect
PROBLEMS
10/
P9-1
Preparing an Income Statement, Statement of Stockholders' Equity,
and Balance Sheet (AP9-1)
LO9-1
Assume that you are the president of Highlight Construction Company. At the end of the first year or
operations (December 31), the following financial data for the company are available:
Cash
Receivables from customers (all considered collectible)
Inventory of merchandise (based on physical count and priced at cost)
Equipment owned, at cost less used portion
Accounts payable owed to suppliers
Salary payable (on December 31, this was
owed to an employee who will be paid on January 10)
Total sales revenue
$ 25,600
10,800
81,000
42,000
46,140
2,520
128,400
80,200
Expenses, including the cost of the merchandise sold (excluding income taxes)
Income taxes expense at 30% X Pretax income; all paid during the current year
Common stock (December 31)
Dividends declared and paid during the current year
(Note: The beginning balances in Common Stock and Retained Earnings
are zero because it is the first year of operations.)
?
87,000
10,000
Required:
Using the financial statement exhibits in the chapter as models and showing computations:
1. Prepare a summarized income statement for the year.
2. Prepare a statement of stockholders' equity for the year.
3. Prepare a balance sheet at December 31.
CTO3
1460
IRSTO
P9-2
Analyzing a Student's Business and Preparing an Income Statement (AP9-2)
his junior and senior years, James Cook needed to earn sufficient money for
salary, he decided to try the lawn care
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