Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Could some please help me fill out this income statement. Here is the adjusted trial balance, statement of stockholders' equity, and balance sheet. Multiple Step

Could some please help me fill out this income statement.

image text in transcribed

Here is the adjusted trial balance, statement of stockholders' equity, and balance sheet.

image text in transcribedimage text in transcribedimage text in transcribed

Multiple Step Income Statement For the Year Ended December 31st, 2019 Revenue: Net Revenue Less: Cost of Goods Sold Gross Profit Operating Expenses Total Operating Expenses Operating Income Other Revenue and Expenses Total Other Revenue and Expenses Income Before Income Tax Income Tax Expense Net Income Credit 119113 7500 1800 17280 200 17600 Adjusted Trial Balance December 31st, 2019 Debit cash 245700 Notes receivable 15000 Accounts receivable 21000 Supplies | Buildings 62000 Prepaid insurance 5500 Insurance expense 500 Inventory 23040 Accumulated depreciation accounts payable 14400 Interest payable 75 Common stock 0 Vehicle 21000 Income tax expense Warranty liability 0 Salaries payable Notes payable 1375 Dividends 1600 Service revenue Interest revenue Depreciation expense 500 Sales revenue 0 Bad debt expense 405 Income tax expense 3700 Sales discounts 150 Cost of goods sold 17280 Interest expense 530 Supplies expense 5000 | Gain 0 Warranty expense 450 Salaries expense 5200 Allowance for uncollectible accounts Total $444405 96000 21000 3700 450 1200 115000 3480 75 36870 432 0 0 2300 0 0 405 $444405 Statement of Stockholders' Equity For the Year Ended December 31, 2019 Common Stock Retained Earnings Beginning Balance (December 18, 2019) $ $ 0 Issued Stock 96000 Total 0 $ 96000 7742 7742 Net Income Less: Dividends Ending Balance (December 31, 2019) 1600 1600 $96000 $9342 $105342 Balance Sheet For the Year Ended December 31", 2019 ASSETS LIABILITIES Current Assets Current Liabilities Cash $3200 Accounts receivable 126587 15000 5760 Accounts payable Income tax payable Salaries payable Warranty liability Current Portion of Long-Term Debt 3700 1200 Inventory Interest receivable navable 75 450 Prepaid insurance 5500 (1800) Total Current Liabilities 8550 Supplies Allowance for uncollectable accounts Long-term Liabilities (405) 15000 Notes payable 113625 165717 Total Liabilities 122175 Stockholders' Equity Notes receivable Total Current Assets Property, Plant & Equipment Buildings Accumulated depreciation Total Property Plant & Equipment 62000 Common stock 96000 9342 (200) 61800 Retained earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity 105342 Total Assets $ 227517 $227517

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

Students also viewed these Accounting questions