DieChuvaruRemaining Time: 1 hour, 40 minutes, 32 seconds.Question Completion Status:operationsOtherexpensesInterestexpenseNet IncomeAssetsCashPrepaid rentOffice FurnitureComputerEquipmentTotal Assets$35,00010,00010,0005,000$60,000Peal CompanyBalance SheetAs of Dec 31, 2021Liabilities and EquityNotes Payable-6-Owner's equityOwner's capitalTotal Liabilities& Equity-5--4-2,500500$2,000 XRemaining Time: 1 hour, 40 minutes, 40 seconds.Question Completion Status:The following financial statement information for Peal Company as for the year 2021:Required: Fill the missing amounts. (Hint: There are 6 missing amounts).Note: Write only the final amount. Do not show your calculation.Peal CompanyIncome StatementFor the year ended 2021Net Sales$12,000-1-Cost ofgoods soldGross profit6,500Operatingexpenses-2-SellingexpensesGeneral andadministrativeexpenseSTotaloperatingexpenseseme from1.8004,0002.500Peal CompanyStatement of Owner's equityFor 2021$3,000Capital, BeginningbalanceAdd:Investment10,000Net income2,000Less:Drawings-3-Capital, Ending balance 5,000A

Lets understand the basics. As per balance sheet equation, total assets is always equal to total…

The following financial statement Required: Fill the missing amounts. (Hint: There are 6 missing Note: Write only the final amount. Do not show your calculation. Peal Company Income Statement For the year ended 2021 Net Sales Cost of goods sold Gross profit Operating expenses -2- Selling expenses General and administrative expense 1,800 $12,000 -1- 6,500 4.000 Peal Company Statement of Owner's equity For 2021 $3,000 10,000 2,000 -3- 5,000 Capital, Beginning balance Add: Investment Net income Less: Drawings Capital, Ending balance

The following financial statement Required: Fill the missing amounts. (Hint: There are 6 missing Note: Write only the final amount. Do not show your calculation. Peal Company Income Statement For the year ended 2021 Net Sales Cost of goods sold Gross profit Operating expenses -2- Selling expenses General and administrative expense 1,800 $12,000 -1- 6,500 4.000 Peal Company Statement of Owner's equity For 2021 $3,000 10,000 2,000 -3- 5,000 Capital, Beginning balance Add: Investment Net income Less: Drawings Capital, Ending balance

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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