One of our client companies, EA Community Laundry Chain, asked us for a consultation on their company's operations. Based on the accounting information provided by them, please use your professional knowledge to assist them in the preparation of five financial statement based on the information below (Income statement, financial position statement, retained earnings statement, comprehensive income statement, cash flow statement).< Sales revenue: $555,080 Inventory: $102,000- Cost of goods sold: $210,000+ Bonds payable: $78,000+ Financing Costs: $10,000+ Notes payable (due in 5 months): $24,400 Selling and administrative expenses: $75,000< Buildings: $80,400 Share capital: $60,000+ Gain on sale of plant assets: $45,000- Accumulated depreciation-equipment: $10,000+ Unrealized gain on non-trading securities: $15,000 # Prepaid advertising: $5,000 Loss on discontinued operations: $20,000+ Supplies: $1860- Dividends declared and paid: $50,400+* Taxes payable: $3000< Allocation to non-controlling interest: $60,000 Cash: $???(Need to be confirmed in the Financial Position Statement) Equipment: $40,000+ Salaries and wages payable: $900+ Interest payable: $600 Accumulated depreciation-buildings: $15,000 Land: $157,320< Please prepare five financial statements based on the data provided by Pizza Mr. Park, Ince
One of our client companies, EA Community Laundry Chain, asked us for a consultation on their company's operations. Based on the accounting information provided by them, please use your professional knowledge to assist them in the preparation of five financial statement based on the information below (Income statement, financial position statement, retained earnings statement, comprehensive income statement, cash flow statement).< Sales revenue: $555,080 Inventory: $102,000- Cost of goods sold: $210,000+ Bonds payable: $78,000+ Financing Costs: $10,000+ Notes payable (due in 5 months): $24,400 Selling and administrative expenses: $75,000< Buildings: $80,400 Share capital: $60,000+ Gain on sale of plant assets: $45,000- Accumulated depreciation-equipment: $10,000+ Unrealized gain on non-trading securities: $15,000 # Prepaid advertising: $5,000 Loss on discontinued operations: $20,000+ Supplies: $1860- Dividends declared and paid: $50,400+* Taxes payable: $3000< Allocation to non-controlling interest: $60,000 Cash: $???(Need to be confirmed in the Financial Position Statement) Equipment: $40,000+ Salaries and wages payable: $900+ Interest payable: $600 Accumulated depreciation-buildings: $15,000 Land: $157,320< Please prepare five financial statements based on the data provided by Pizza Mr. Park, Ince
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:One of our client companies, EA Community Laundry Chain, asked us for a consultation on
their company's operations. Based on the accounting information provided by them, please use
your professional knowledge to assist them in the preparation of five financial statement based
on the information below (Income statement, financial position statement, retained earnings
statement, comprehensive income statement, cash flow statement).
Sales revenue: $555,080-
Inventory: $102,000-
Cost of goods sold: $210,000+
Bonds payable: $78,000–
Financing Costs: $10,000-
Notes payable (due in 5 months): $24,400-
Selling and administrative expenses:
$75,000
Buildings: $80,400<
Share capital: $60,000+
Gain on sale of plant assets: $45,000+
Accumulated depreciation-equipment:
$10,000-
Unrealized gain on non-trading securities:
$15,000
#
Prepaid advertising: $5,000-
Loss on discontinued operations: $20,000+
Supplies: $1860-
Dividends declared and paid: $50,400**
Taxes payable: $3000€
Allocation to non-controlling interest:
$60,000+
Cash: $???(Need to be confirmed in the
Financial Position Statement)
Equipment: $40,000-
Salaries and wages payable: $900–
Interest payable: $600-
Land: $157,320+
Accumulated depreciation-buildings:
$15,000
2
Please prepare five financial statements based on the data provided by Pizza Mr. Park, Ince
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