Thunderduck Shoes provides shoe shining and repair services to customers. For the year which ended Dec...
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Thunderduck Shoes provides shoe shining and repair services to customers. For the year which ended Dec 31, the company reports the following amounts: Account Amount Account Amount Rent Expense 22,400 Cash 32,000 Accounts Receivable 22,560 Interest Expense 1,675 Salaries Payable 8,930 Income Tax Payable 5,500 Service Revenue 75,000 Inventory 9,650 Supplies Expense 5,760 Accounts Payable 4,325 Land 135,000 Insurance Expense 9,830 In addition, the company had common stock of $120,000 at the beginning of the year and issued an additional $12,000 during the year. The company had retained earnings of $19,620 at the beginning of the year and paid dividends of $6,500. Required: Prepare the income statement, statement of stockholders' equity and balance sheet for Thunderduck Shoes. Please use the current year in the title. Thunderduck Shoes provides shoe shining and repair services to customers. For the year which ended Dec 31, the company reports the following amounts: Account Amount Account Amount Rent Expense 22,400 Cash 32,000 Accounts Receivable 22,560 Interest Expense 1,675 Salaries Payable 8,930 Income Tax Payable 5,500 Service Revenue 75,000 Inventory 9,650 Supplies Expense 5,760 Accounts Payable 4,325 Land 135,000 Insurance Expense 9,830 In addition, the company had common stock of $120,000 at the beginning of the year and issued an additional $12,000 during the year. The company had retained earnings of $19,620 at the beginning of the year and paid dividends of $6,500. Required: Prepare the income statement, statement of stockholders' equity and balance sheet for Thunderduck Shoes. Please use the current year in the title.
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To prepare the financial statements for Thunderduck Shoes for the current year we will start by orga... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1259914898
5th edition
Authors: David Spiceland, Wayne M. Thomas, Don Herrmann
Posted Date:
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