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Please make an income statement

Please make an income statement

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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Please make an income statement
AE 221 - INTERMEDIATE ACCOUNTING 3 BTS Corporation provided the following balances in its trial balance for the year ended December 31, 2021 ACCOUNT TITLES DEBIT CREDIT Patent Prepaid rent expense Raw materials inventory 160,000 304,000 358,500 Cash and cash equivalents Notes payable (due April 1, 2022) Investment in equity securities - FVPL Machinery and equipment Accumulated depreciation - machinery and equipment Accounts receivables Goods in process inventory Bonds payable - at fair value Bonds payable Investment in debt securities - FVOCI Land 817,300 435,100 525,910 6,200,500 1,860,150 227,350 56,280 350,100 1,200,000 748,950 8,450,000 Sales 5,800,210 Accrued interest income 51,500 Allowance for doubtful accounts 45,470 Premium on bonds payable Retained earnings (beginning) Raw material purchases Building Accumulated depreciation - building Direct labor Notes receivable (from trade customers) Loss on change in fair value attributable to credit risk of a financial liability designated as FVPL Unrealized loss on investment in equity securities - FVPL Finished goods inventory Unrealized gain on investment in debt securities Distribution cost 96,000 3,714,024 1,730,540 5,145,000 1,029,000 813,900 325,000 85,750 103,870 245,660 FVOCI 230,350 217,940 Manufacturing overhead Advances to officers and employees (current) Accrued utilities expense 346,920 50,280 292,750 Income tax payable Office supplies Administrative cost Finance cost 154,621 45,710 163,455 65,382 Accounts payable Share capital Share premium 326,900 8,125,000 2,057,590 Gain on sale of equipment Purchase returns and allowance Sales discounts Freight in Share dividends payable Income tax expense Amortization of patent Income summary 164,370 68,452 290,011 173,054 2,437,500 618,485 40,000 686,780 660,440 TOTALS 29,048,027 29,048,027 Beginning Ending Raw materials, beginning 256,000 358,500 Goods in process, beginning Finished goods, beginning 105,720 56,280 245,660 325,060 Total 686,780 660,440
Transcribed Image Text:AE 221 - INTERMEDIATE ACCOUNTING 3 BTS Corporation provided the following balances in its trial balance for the year ended December 31, 2021 ACCOUNT TITLES DEBIT CREDIT Patent Prepaid rent expense Raw materials inventory 160,000 304,000 358,500 Cash and cash equivalents Notes payable (due April 1, 2022) Investment in equity securities - FVPL Machinery and equipment Accumulated depreciation - machinery and equipment Accounts receivables Goods in process inventory Bonds payable - at fair value Bonds payable Investment in debt securities - FVOCI Land 817,300 435,100 525,910 6,200,500 1,860,150 227,350 56,280 350,100 1,200,000 748,950 8,450,000 Sales 5,800,210 Accrued interest income 51,500 Allowance for doubtful accounts 45,470 Premium on bonds payable Retained earnings (beginning) Raw material purchases Building Accumulated depreciation - building Direct labor Notes receivable (from trade customers) Loss on change in fair value attributable to credit risk of a financial liability designated as FVPL Unrealized loss on investment in equity securities - FVPL Finished goods inventory Unrealized gain on investment in debt securities Distribution cost 96,000 3,714,024 1,730,540 5,145,000 1,029,000 813,900 325,000 85,750 103,870 245,660 FVOCI 230,350 217,940 Manufacturing overhead Advances to officers and employees (current) Accrued utilities expense 346,920 50,280 292,750 Income tax payable Office supplies Administrative cost Finance cost 154,621 45,710 163,455 65,382 Accounts payable Share capital Share premium 326,900 8,125,000 2,057,590 Gain on sale of equipment Purchase returns and allowance Sales discounts Freight in Share dividends payable Income tax expense Amortization of patent Income summary 164,370 68,452 290,011 173,054 2,437,500 618,485 40,000 686,780 660,440 TOTALS 29,048,027 29,048,027 Beginning Ending Raw materials, beginning 256,000 358,500 Goods in process, beginning Finished goods, beginning 105,720 56,280 245,660 325,060 Total 686,780 660,440
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