Please don't provide answer in image format thank you Use these account balances to prepare the financial statements for Freddy's Fudge and Food Gifts. Each financial statement should be shown on the following three sheets of paper. The headings, subtotals, totals and formatting should be proper according to GAAP. Freddy's Fudge and Food Gifts Account Balances December 31, 2021 Account Amounts Accounts payable 31,520 Accounts receivable 77,770 Accrued payroll taxes 2,450 Accumulated depreciation 33,800 Additional Paid In Capital - Common Stock 6,000 Advertising expense 9,800 Allowance for Doubtful Accounts 7,200 Bonds payable 100,000 Buildings 98,600 Cash 15,425 Common stock 50,000 Cost of Goods Sold 948,332 Current portion of long-term debt 5,000 Depreciation expense 12,800 Discount on bonds 6,800 Dividends 20,000 Employee benefits 26,480 Equipment 45,500 Income tax expense 12,690 Insurance expense 5,600 Interest and dividend income 1,800 Interest expense (2,600) Inventory 89,650 Investments in stocks and bonds 48,529 Land 15,000 Long-term loans payable 35,000 Notes payable - line of credit 10,000 Office supplies 1,970 Office supplies expense 2,680 Other income 350 Payroll taxes 24,990 Preferred Stock 45,000 Prepaid insurance 2,100 Product sales 1,438,636 Rent expense 12,000 Repairs and maintenance expense 5,620 Retained earnings, Prior year-end 54,870 Salaries expense 283,525 Salaries payable 3,860 Sales expense 7,775 Sales returns and allowances 16,850 Travel expense 3,675 Treasury stock 15,000 Utilities expense 13,725 Freddy's Fudge and Food Gifts Balance Sheet December 31, 2021 Freddy's Fudge and Food Gifts Statement of Retained Earnings For the Year Ended December 31, 2021 Freddy's Fudge and F ood Gifts Income Statement For the Year Ended December 31, 2021

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Please don't provide answer in image format thank you

 

Use these account balances to prepare the financial statements for Freddy's Fudge and Food Gifts.

Each financial statement should be shown on the following three sheets of paper.

The headings, subtotals, totals and formatting should be proper according to GAAP.

 

 

Freddy's Fudge and Food Gifts

Account Balances

December 31, 2021

  Account Amounts

 

 

Accounts payable 31,520

Accounts receivable 77,770

Accrued payroll taxes 2,450

Accumulated depreciation 33,800

Additional Paid In Capital - Common Stock 6,000

Advertising expense 9,800

Allowance for Doubtful Accounts 7,200

Bonds payable 100,000

Buildings 98,600

Cash 15,425

Common stock 50,000

Cost of Goods Sold 948,332

Current portion of long-term debt 5,000

Depreciation expense 12,800

Discount on bonds 6,800

Dividends 20,000

Employee benefits 26,480

Equipment 45,500

Income tax expense 12,690

Insurance expense 5,600

Interest and dividend income 1,800

Interest expense (2,600)

Inventory 89,650

Investments in stocks and bonds 48,529

Land 15,000

Long-term loans payable 35,000

Notes payable - line of credit 10,000

Office supplies 1,970

Office supplies expense 2,680

Other income 350

Payroll taxes 24,990

Preferred Stock 45,000

Prepaid insurance 2,100

Product sales 1,438,636

Rent expense 12,000

Repairs and maintenance expense 5,620

Retained earnings, Prior year-end 54,870

Salaries expense 283,525

Salaries payable 3,860

Sales expense 7,775

Sales returns and allowances 16,850

Travel expense 3,675

Treasury stock 15,000

Utilities expense 13,725

 

Freddy's Fudge and Food Gifts

Balance Sheet

December 31, 2021

 

Freddy's Fudge and Food Gifts

Statement of Retained Earnings

For the Year Ended December 31, 2021

 

Freddy's Fudge and F

ood Gifts

Income Statement

For the Year Ended December 31, 2021

 

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