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Constructing basic financial statements - long problem Panther Publishing has the following adjusted accounts as of its December 31 year-end. Bonds payable 15,000 Prepaid insurance
Constructing basic financial statements - long problem
Panther Publishing has the following adjusted accounts as of its December 31 year-end.
- Bonds payable 15,000
- Prepaid insurance 1,395
- Advertising sales 74,550
- Common stock 500
- Cash and cash equivalents 5,100
- Accounts payable 3,150
- Cost of services 150,345
- Equipment 99,000
- Allowance for uncollectible accounts 2,000
- Interest expense 2,790
- Additional paid-in capital 40,000
- Depreciation expense 8,250
- Supplies 6,300
- Salaries payable 5,250
- Provision for income taxes 2,400
- Administrative expenses 128,400
- Supplies expense 9,150
- Retained earnings 34,830
- Subscription sales 252,450
- Treasury stock 3,000
- Rent expense 13,200
- Accumulated depreciation 16,500
- Accounts receivable 14,900
Required: Compute the amounts for the following (absolute values) and list in the space below (e.g. 1. $____). You can use Excel. Each answer is worth 2 points. Complete as many as you can:
1. Current assets2. Total assets
3. Current liabilities
4. Stockholders' equity after closing entries are posted
5. Total contra assets
6. Total contributed capital
7. Gross profit
8. Operating income or loss
9. Income or loss before income taxes
10. Net income or loss
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