Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

COMFY HOME COMPANY Balance Sheet As of December 31, 2016 Current Assets: Current Liabilities: Cash S 110,000 Accounts Payable S 90,000 Accounts receivable S

image text in transcribed

COMFY HOME COMPANY Balance Sheet As of December 31, 2016 Current Assets: Current Liabilities: Cash S 110,000 Accounts Payable S 90,000 Accounts receivable S 140,000 Salaries and wages payable S 20,000 Inventories 310,000 Current portion of bank loan S 45,000 Prepaid expenses $ 25,000 Deferred revenue $ 15,000 Total Current Assets 585,000 Total Current Liabilities $ 170,000 Non-Current Assets: Non-Current Liabilities: Furniture and fixtures $ Buildings and property 120,000 S 450,000 Bank Loan S 300,000 Total Non-Current Liabilities $ 300,000 (Accumulated Depreciation) $ (154,000) Total Non-Current Assets 416,000 Owners' Equity: Contributed Capital Retained earnings Total Equity $ 250,000 $ 281,000 S 531,000 Total Assets $ 1,001,000 Total Liabilities and Owners' Equity $1,001,000 COMFY HOME COMPANY Balance Sheet As of December 31, 2017 COMFY HOME COMPANY Income Statement For the year ending December 31, 2017 Current Assets: Current Liabilities: Total Revenue Cash 143,000 Accounts Payable $ 196,000 Cost of Goods Sold $ 1,602,000 985,000 Accounts receivable S 178,000 Salaries and wages payable $ 30,000 Gross Profit $ 617,000 Inventories 358,000 Current portion of bank loan S 45,000 Salaries and wages $ 199,000 Prepaid expenses $ 33,000 Deferred revenue $ 18,000 Marketing expenses $ 46,000 Total Current Assets $ 712,000 Total Current Liabilities $ 289,000 Selling, General, and Administrative 98,000 Insurance expense S 48,000 Non-Current Assets: Non-Current Liabilities: Depreciation expense S 44,000 Furniture and fixtures 150,000 Bank Loan S 255,000 Operating Profit $ 182,000 Buildings and property (Accumulated Depreciation) Total Non-Current Assets $ 540,000 Total Non-Current Liabilities $ 255,000 $ (198,000) $ 492,000 Owners' Equity: Interest expense Taxes Net Income $ 30,000 $ 33,000 119,000 Contributed Capital Retained earnings Total Equity 260,000 400,000 $ 660,000 Total Assets $ 1,204,000 Total Liabilities and Owners' Equity $ 1,204,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Reporting and Analysis Using Financial Accounting Information

Authors: Charles H. Gibson

13th edition

1285401603, 1133188796, 9781285401607, 978-1133188797

More Books

Students also viewed these Accounting questions

Question

Contrast the methods employed by Titchener and Brentano.

Answered: 1 week ago

Question

To establish a nondiscriminatory work environment. AppendixLO1

Answered: 1 week ago