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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): $24,400 590 400

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): $24,400 590 400

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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The question needs three financial statements: Cash flow, Retained earning, net income,

One of our client companics, 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: S???(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, Inc
Transcribed Image Text:One of our client companics, 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: S???(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, Inc
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