Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Global Gold Inc. Proforma Income Income Statement Statement January 1 to December 31, 2020 Sales 5905,000 Direct Coats 710,000 12 000 Inersat capence 19,700 Income

image text in transcribed
Global Gold Inc. Proforma Income Income Statement Statement January 1 to December 31, 2020 Sales 5905,000 Direct Coats 710,000 12 000 Inersat capence 19,700 Income Before Tax 160,300 Income Tax (3SKI 57.135 Net Income 106,145 Lavidends Addition to H.E. Global Gold Inc. Balance Sheet As of December 11, 2020 Liabilities & Owner's Equity Current Ascots Current Wabilities $ 25,000 Accounts Payable Account Forivable $ 131000 $ 91000 Inventory $ 76,000 Total Current Liabilities Told Current Asset $144 010 Long Term Debt $156,000 Fooed Assets Owner's Equity Net Plant & Equip 5364,000 Common Stock 5 21,000 detained Camn $357.000 5505,000 Total Liab 5 Owner's Equity

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

Recommended Textbook for

Taxation Of Individuals And Business Entities 2019 Edition

Authors: Brian C. Spilker, Benjamin C. Ayers, John Robinson, Edmund Outslay, Ronald G. Worsham, John A. Barrick, Connie Weaver

10th Edition

1259918394, 978-1259918391

Students also viewed these Accounting questions

Question

Create a decision tree for Problem 12.

Answered: 1 week ago