The following accounts are from the accounting records of JadaTech Industries. Unless otherwise indicated, assume that all balance sheet items reflect account balances for the fiscal year that began on    January 1, 2016 and ended on December 31, 2016. All income statement accounts reflect activities that occurred during that fiscal year. Paid-in capital                                 30,000 Gross revenue                               675,000 Equipment                                      21,500 Accounts receivable                        60,400 Merchandise inventory                224,500 Income tax expense                        85,000 Cash                                               37,800 Notes payable (long term)                75,600 Interest expense                              10,450.40 Depreciation expense                      3,149.60 Accumulated depreciation               13,800 Rent expense                                   17,900 Sales discounts                               9,000 Land                                              47,500 Cost of goods sold                         462,000 Retained earnings              (1/1/2016)                 227,850.40 Accounts payable                            24,149.60 This assignment is to be Typed using Microsoft Excel or similar software (I will not grade handwritten submittals). 1. Prepare the Balance Sheet. 2. Prepare the Income Statement. 3. Calculate the retained earnings if a dividend of $67,200 was paid during the year. Include a proper heading with each financial statement

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following accounts are from the accounting records of JadaTech Industries. Unless otherwise indicated, assume that all balance sheet items reflect account balances for the fiscal year that began on    January 1, 2016 and ended on December 31, 2016. All income statement accounts reflect activities that occurred during that fiscal year.

Paid-in capital                                 30,000

Gross revenue                               675,000

Equipment                                      21,500

Accounts receivable                        60,400

Merchandise inventory                224,500

Income tax expense                        85,000

Cash                                               37,800

Notes payable (long term)                75,600

Interest expense                              10,450.40

Depreciation expense                      3,149.60

Accumulated depreciation               13,800

Rent expense                                   17,900

Sales discounts                               9,000

Land                                              47,500

Cost of goods sold                         462,000

Retained earnings              (1/1/2016)                 227,850.40

Accounts payable                            24,149.60

This assignment is to be Typed using Microsoft Excel or similar software (I will not grade handwritten submittals).

1. Prepare the Balance Sheet.

2. Prepare the Income Statement.

3. Calculate the retained earnings if a dividend of $67,200 was paid during the year.

Include a proper heading with each financial statement

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