XYZ Company's adjusted balances for last year are as follows:Inventory, January 1, 200...149,000Inventory, December 31, 2020...120,000Sales .Purchases ..$1,200,000Accounts payable......71,000.810,000Salaries Payable..5,000Marketable securities...15,000Cash surrender value of life insurance. .2,000Purchase discounts..20,000Patents...18,000Purchasereturns and allowances..2,000Retained earnings, January 1, 2019....60,600Extraordinary loss dueto earthquake, net ofApplicable taxes...35,000Interest expense.13,000Selling expenses.114,000General and administrative expense.Cash..90,000Divi dend revenue....6,000Accounts receivable..60,000Allowance for doubtful accounts ..3,000Common stock...Notes Payable (Maturity date 7/1/2021) . 105,000150.000Machinery and Equipment.150,000Accumulated deprediation..42,000Income tax expense..30,600Paid-in-capital in excess of par...30,000U L ...Treasury stock...10,000Divi dends dedared and paid....18,000Prepare a Balance Sheet for XYZ CompanyPrepare an Income Statement for XYZ CompanyPrepare a Statement of Retained Earnings for XYZ Company

Financial statements are prepared by an entity which shows the financial performance of an entity…

Answered: Prepare a Balance Sheet for XYZ Company…

Prepare a Balance Sheet for XYZ Company Prepare an Income Statement for XYZ Company Prepare a Statement of Retained Earnings for XYZ Company

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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Question

XYZ Company's adjusted balances for last year are as follows:
Inventory, January 1, 200..
.149,000
Inventory, December 31, 2020.
..120,000
Sales .
Purchases .
.$1,200,000
Accounts payable...
.
..71,000
.810,000
Salaries Payable.
.5,000
Marketable securities..
.15,000
Cash surrender value of life insurance. .2,000
Purchase discounts..
20,000
Patents..
.18,000
Purchasereturns and allowances.
.2,000
Retained earnings, January 1, 2019...
.60,600
Extraordinary loss dueto earthquake, net of
Applicable taxes..
.35,000
Interest expense.
13,000
Selling expenses.
114,000
General and administrative expense.
Cash.
.90,000
Divi dend revenue...
.6,000
Accounts receivable.
.60,000
Allowance for doubtful accounts .
.3,000
Common stock..
.
Notes Payable (Maturity date 7/1/2021) . 105,000
150.000
Machinery and Equipment.
150,000
Accumulated deprediation.
.42,000
Income tax expense.
.30,600
Paid-in-capital in excess of par..
.30,000
U L ...
Treasury stock..
.10,000
Divi dends dedared and paid..
..18,000
Prepare a Balance Sheet for XYZ Company
Prepare an Income Statement for XYZ Company
Prepare a Statement of Retained Earnings for XYZ Company

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