Answered step by step
Verified Expert Solution
Question
1 Approved Answer
answer this question now please ompletion Status: The following financial statement information for Peal Company as for the year 2021 Required: Fill the missing amounts.
answer this question now please
ompletion Status: The following financial statement information for Peal Company as for the year 2021 Required: Fill the missing amounts. (Hint: There are missing amounts) Note: Write only the final amount. Do not show your calculation. Peal Company Income Statement For the year ended 2021 $12.000 Net Sales Cost of goods sold Gross profit ding 6,500 Capital, Begning balance Add Investment Net income 1630 2300 Net Sales Cost of goods sold- Gross profit Operating expenses Selling expenses General and administrative expense S Peal Company Income Statement For the year ended 2021 -2- 1,800 $12,000 -1- 6,500 Peal Compa Statement of Own For 202 $3 Capital, Beginning balance Add: Investment Net income Less: Drawings Selling expenses General and administrative expense S Total operating expenses Income from operations Other expenses Interest expense Net income -2- 1.800 4.000 2,500 500 $2,000 Less: Drawings Capital, Ending baland Assets Cash Prepaid rent S 10 $12,000 Capital, Beginning -1- balance Add: Investment Net income Less: Drawings 6,500 Peal Company Statement of Owner's equity For 2021 $3,000 10,000 2,000 4.000 -3- 00 00 00 Assets Cash Prepaid rent Office Furniture Computer Equipment Total Assets $35,000 10,000 10,000 5,000 $60,000 Peal Company Balance Sheet As of Dec 31, 2021 Liabilities and Equity Notes Payable -6- Owner's equity Owner's capital -5- Total Liabilities & -4- Equity B ompletion Status: The following financial statement information for Peal Company as for the year 2021 Required: Fill the missing amounts. (Hint: There are missing amounts) Note: Write only the final amount. Do not show your calculation. Peal Company Income Statement For the year ended 2021 $12.000 Net Sales Cost of goods sold Gross profit ding 6,500 Capital, Begning balance Add Investment Net income 1630 2300 Net Sales Cost of goods sold- Gross profit Operating expenses Selling expenses General and administrative expense S Peal Company Income Statement For the year ended 2021 -2- 1,800 $12,000 -1- 6,500 Peal Compa Statement of Own For 202 $3 Capital, Beginning balance Add: Investment Net income Less: Drawings Selling expenses General and administrative expense S Total operating expenses Income from operations Other expenses Interest expense Net income -2- 1.800 4.000 2,500 500 $2,000 Less: Drawings Capital, Ending baland Assets Cash Prepaid rent S 10 $12,000 Capital, Beginning -1- balance Add: Investment Net income Less: Drawings 6,500 Peal Company Statement of Owner's equity For 2021 $3,000 10,000 2,000 4.000 -3- 00 00 00 Assets Cash Prepaid rent Office Furniture Computer Equipment Total Assets $35,000 10,000 10,000 5,000 $60,000 Peal Company Balance Sheet As of Dec 31, 2021 Liabilities and Equity Notes Payable -6- Owner's equity Owner's capital -5- Total Liabilities & -4- Equity B 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