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1. Waterloo Manufacturing has the following income statement and balance sheet entries from the year 2021. With the information given below: A) Construct an income
1. Waterloo Manufacturing has the following income statement and balance sheet entries from the year 2021. With the information given below: A) Construct an income statement. (6 Marks) B) Construct a balance sheet. (15 Marks) Accounts payable Accounts receivable 7,500.00 15,200.00 Accrued wages 2,950.00 Cash 1,900.00 Common shares 2,150.00 Contributed capital 3,000.00 Cost of goods sold 62,000.00 Deferred income taxes 2,250.00 Depreciation expense 900.00 General expense 3,000.00 GICS 800.00 Income taxes 1,900.00 Interest expense 1,500.00 Inventories 18,000.00 Land 3,000.00 Accumulated depreiation 11,050.00 Long-term bonds 4,450.00 Mortgage 10,000.00 Sales 76,500.00 Plant and equipment 20,000.00 Prepaid expenses 1,100.00 Retained earnings 12,000.00 Selling expenses 5,000.00 Working capital loan 4,650.00
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