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Consider the following financial information for the year ended December 31, 2015 for Henrys Lobster Shack, a thriving restaurant in Jaco, Costa Rica. Prepare a
- Consider the following financial information for the year ended December 31, 2015 for Henrys Lobster Shack, a thriving restaurant in Jaco, Costa Rica. Prepare a set of financial statements for Henrys Lobster Shack excluding a Statement of Cash Flow.
Accounts Payable | $ 166,000 | Dividends paid during 2015 | $ 39,000 |
Wages and Taxes payable | 120,000 | Other Liabilities | 517,000 |
Cash balance, Jan. 1/15 | 84,000 | Other Revenues | 21,000 |
Cash balance, Dec. 31/15 | 94,000 | Property and Equipment | 1,549,000 |
Food and Supplies Expense | 1,415,000 | Restaurant Sales Revenue | 3,920,000 |
Selling and Admin Expenses | 235,000 | Utilities and Other Expenses | 1,104,000 |
Food and Supply Inventory | 87,000 | Wages Expense | 1,087,000 |
Notes Payable | 235,000 | Retained Earnings, Jan 1/15 | 1,074,000 |
Other Assets | 529,000 | Henrys Contributed Capital | 86,000 |
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