Sephfem Inc ExerciseSephfem Inc engages in the following transactions:Year 1Year 2Issues common shares1,000Borrows400Repays loanPays interest1002418Buys property and plant (estimated useful life is 10 years)900Buys inventoryCash paid for inventory350400320380Sells inventory510550Cash received from sales430480Inventory left at year end6080Pays expensesPays tax at 30%Pays a dividend405030Requirements:1. Produce a balance sheet and income statement for Sephfem Inc for Years 1 and 2.2. Produce the financial statements for Year 2.

Income statement is a statement that helps in determining the income or the profit and loss of a…

Sephfem Inc Exercise Sephfem Inc engages in the following transactions: Year 1 Year 2 Issues common shares 1,000 Borrows 400 Repays loan Pays interest 100 24 18 Buys property and plant (estimated useful life is 10 years) 900 350 Buys inventory Cash paid for inventory 400 320 380 Sells inventory 510 550 Cash received from sales 430 480 Inventory left at year end 60 80 Pays expenses Pays tax at 3096 Pays a dividend 40 50 30 5 Requirements: 1. Produce a balance sheet and income statement for Sephfem Inc for Years 1 and 2. 2. Produce the financial statements for Year 2.

Sephfem Inc Exercise Sephfem Inc engages in the following transactions: Year 1 Year 2 Issues common shares 1,000 Borrows 400 Repays loan Pays interest 100 24 18 Buys property and plant (estimated useful life is 10 years) 900 350 Buys inventory Cash paid for inventory 400 320 380 Sells inventory 510 550 Cash received from sales 430 480 Inventory left at year end 60 80 Pays expenses Pays tax at 3096 Pays a dividend 40 50 30 5 Requirements: 1. Produce a balance sheet and income statement for Sephfem Inc for Years 1 and 2. 2. Produce the financial statements for Year 2.

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 Completion Status: 1. 4 6 7 8 10 11 12 Presented below are selected account balances for DEF Corporation as of December 31, 2021. (All accounts have their normal balances) Inventory 12/31/21 $65,000 Cost of Goods Sold $230,000 Sales Revenue 450,000 Selling Expenses 26,000 Interest Revenue 10,000 Administrative Expenses 28,000 Dividends 20,000 Income Tax Expense 20,000 Common Stock 70,000 Retained Earnings 48,000 Rent Revenue 13,000 Allowance for Doubtful Accounts 11,000 Accounts Receivables 88,000 Rent Expense 16,000 Instructions: Prepare the necessary closing entries for DEF Corporation on December 31, 2021. Select and copy the table below to answer in the space provided. Account Description Debit Credit Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Close Window Save and Submit
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Vijay
Subject: accounting
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Kindly provide answers for ONLY 5.2.1 5.2.2 5.3.3