Given the income statement, fix the errors that are made in the STATEMENT OF STOCKHOLDERS EQUITY and on the BALANCE SHEET!
first and second picture are income statement.
third picture is statement of stockholders equity
the last bunch of pictures are the balance sheet
FIX EVERYTHING IN THAT IS HIGHLIGHTED OR FILLED RED!!! THOSE ARE ALL WRONG
Income Statement 1 Sales $11,405,100.00 2 Cost of goods sold 7,856,600.00 3 Gross profit $3,548,500.00 4 expenses: 5 Selling expenses 6 Sales salaries expense $908,400.00 7 Advertising expense 545,800.00 8 Depreciation expense-store equipment 142,200.00 9 Miscellaneous selling expense 41,000.00 10 Total selling expenses $1,637,400.00 11 Administrative expenses: 12 Office salaries expense $651,300.00 13 Rent expense 90,800.00 Income Statement 14 Insurance expense 47,600.00 15 Depreciation expense-office equipment 40,700.00 16 Office supplies expense 35,000.00 17 Miscellaneous administrative expense 15,200.00 18 Total administrative expenses 880,600.00 19 Total operating expenses 2,518,000.00 20 Operating income $1,030,500.00 21 Other revenue and expense: 22 Interest expense 28,200.00 23 Net income $1,002,300.00 Points: 42.51 / 43 Clairemont Co. Score. L2 / Statement of Stockholders' Equity Ending in may 31 Retained 1 Common Stock Total Earnings $2,999,000.00 2 Beginning balance $0.00 $3,492,800.00 3 Net income 0.00 1,002,300.00 1,002,300.00 4 Dividends 2.00 91,698.00 91,700.00 5 Common stock 894,100.00 0.00 894,100.00 6 Ending balance $0.00 $0.00 $3,716,900.00 Clairemont Co. Score: 163/253 Balance Sheet i dont know what to put here Assets Current assets: Cash $238,400.00 Accounts receivable 960,300.00 Inventory 1,644,400.00 Estimated returns inventory 20,900.00 Office supplies 22,200.00 Prepaid insurance 15,100.00 Total current assets $2,901,300.00 Property, plant, and equipment: Office equipment $825,800.00 Accumulated depreciation-Office equipment 551,100.00 Net Office equipment $274,700.00 Store equipment $3,603,000.00 Accumulated depreciation-Store equipment 1,819,400.00 Net office equipment 1,783,600.00 Total property, plant, and equipment 2,058,300.00 Total assets $4,959,600.00 Liabilities Current liabilities: Accounts payable $356,700.00 Customer refunds payable 48,800.00 Salaries payable 44,900.00 liablities 506,400.00 Long-term liabilities 229,000.00 lance Sheet liablities 506,400.00 Long-term liabilities 229,000.00 Total liabilities $735,400.00 i dont know what to put here: i dont know what to put here 0.00 i dont know what to put here $0.00 Stockholders' Equity Common stock $3,716,900.00 Retained earnings 4,224,200.00 Beginning earnings 12,394.00 end earnings $1,234.00 Points: 38.01 /59 Income Statement 1 Sales $11,405,100.00 2 Cost of goods sold 7,856,600.00 3 Gross profit $3,548,500.00 4 expenses: 5 Selling expenses 6 Sales salaries expense $908,400.00 7 Advertising expense 545,800.00 8 Depreciation expense-store equipment 142,200.00 9 Miscellaneous selling expense 41,000.00 10 Total selling expenses $1,637,400.00 11 Administrative expenses: 12 Office salaries expense $651,300.00 13 Rent expense 90,800.00 Income Statement 14 Insurance expense 47,600.00 15 Depreciation expense-office equipment 40,700.00 16 Office supplies expense 35,000.00 17 Miscellaneous administrative expense 15,200.00 18 Total administrative expenses 880,600.00 19 Total operating expenses 2,518,000.00 20 Operating income $1,030,500.00 21 Other revenue and expense: 22 Interest expense 28,200.00 23 Net income $1,002,300.00 Points: 42.51 / 43 Clairemont Co. Score. L2 / Statement of Stockholders' Equity Ending in may 31 Retained 1 Common Stock Total Earnings $2,999,000.00 2 Beginning balance $0.00 $3,492,800.00 3 Net income 0.00 1,002,300.00 1,002,300.00 4 Dividends 2.00 91,698.00 91,700.00 5 Common stock 894,100.00 0.00 894,100.00 6 Ending balance $0.00 $0.00 $3,716,900.00 Clairemont Co. Score: 163/253 Balance Sheet i dont know what to put here Assets Current assets: Cash $238,400.00 Accounts receivable 960,300.00 Inventory 1,644,400.00 Estimated returns inventory 20,900.00 Office supplies 22,200.00 Prepaid insurance 15,100.00 Total current assets $2,901,300.00 Property, plant, and equipment: Office equipment $825,800.00 Accumulated depreciation-Office equipment 551,100.00 Net Office equipment $274,700.00 Store equipment $3,603,000.00 Accumulated depreciation-Store equipment 1,819,400.00 Net office equipment 1,783,600.00 Total property, plant, and equipment 2,058,300.00 Total assets $4,959,600.00 Liabilities Current liabilities: Accounts payable $356,700.00 Customer refunds payable 48,800.00 Salaries payable 44,900.00 liablities 506,400.00 Long-term liabilities 229,000.00 lance Sheet liablities 506,400.00 Long-term liabilities 229,000.00 Total liabilities $735,400.00 i dont know what to put here: i dont know what to put here 0.00 i dont know what to put here $0.00 Stockholders' Equity Common stock $3,716,900.00 Retained earnings 4,224,200.00 Beginning earnings 12,394.00 end earnings $1,234.00 Points: 38.01 /59
