Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

E1-12 LO1-1 Preparing an Income Statement and Balance Sheet Analytics Corporation was organized on January 1, current year. At the end of the current

image text in transcribedimage text in transcribedimage text in transcribed

E1-12 LO1-1 Preparing an Income Statement and Balance Sheet Analytics Corporation was organized on January 1, current year. At the end of the current year, the following financial data are available: Total revenues Total expenses (excluding income taxes) $ 299,000 184,000 Income tax expense (all unpaid as of December 31) 34,500 Cash 70,150 Receivables from customers (all considered collectible) 34,500 Merchandise inventory (by inventory count at cost) 96,600 Payables to suppliers for merchandise purchased from them (will be paid during the following year) 26,450 Common stock 59,800 No dividends were declared or paid during the first year. Required: Complete the following two statements: ANALYTICS CORPORATION Income Statement For the Year Ended December 31, Current Year Total revenues Less: Total expenses (excluding income tax) Pretax income Less: Income tax expense Net income $ $ Assets ANALYTICS CORPORATION Balance Sheet At December 31, Current Year Cash Receivables from customers Merchandise inventory Total assets Liabilities Payables to suppliers Income taxes payable Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity EA $ $ $ $

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_2

Step: 3

blur-text-image_3

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 and managerial accounting

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

1st edition

111800423X, 9781118233443, 1118016114, 9781118004234, 1118233441, 978-1118016114

More Books

Students also viewed these Accounting questions

Question

armstrong no java code

Answered: 1 week ago

Question

Be aware of how moving averages are used to identify trends?

Answered: 1 week ago

Question

Be ableto calculate an exponential moving average?

Answered: 1 week ago

Question

Befamiliar with the concept of directional movement?

Answered: 1 week ago