Question
ABC Co. Sales were $210,000 before a $10,000 cash return. Depreciation expense was $10,000. Salary Expense was $5,000. Rent Expense was $5,000. Retained earnings had
ABC Co. Sales were $210,000 before a $10,000 cash return. Depreciation expense was $10,000. Salary Expense was $5,000. Rent Expense was $5,000. Retained earnings had a beginning of the year balance of $25,000. Dividends paid were $5,000. Other balances include: Cash ending balance $50,000; Accounts Receivable ending balance of $80,000; Accumulated depreciation had a $40,000 ending balance; allowance for doubtful accounts had an ending $20,000 balance. Supplies had a beginning balance of $50,000, purchases during the year of $140,000, and an ending balance of $40,000; Equipment had a cost ending balance of $100,000. Land had an ending balance of $40,000. Unearned revenue a $50,000 ending balance; common stock a $150,000 ending balance. Prepare 12/31/2018 balance sheet and income statement (multi-step) for ABC in good form
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started