Homework:Assignment 1

The assets and liabilities of

California Flowers,

as of December 31,

20X6,

and revenues and expenses for the year ended on that date follow.

111 mohammed alkhunaizi : 16/12/217:28 PM = Homework: Assignment 1 Question 4, P1-66B (sim... Part 1 of 9 HW Score: 86.04%, 13.77 of 16 points Points: 0.81 of 2 O Save The assets and liabilities of California Flowers, as of December 31, 20X6, and revenues and expenses for the year ended on that date follow E: (Click the icon to view the account totals.) Read the requirements. ... Requirement 1. Prepare the income statement of California Flowers for the year ended December 31, 20X6. Let's begin the heading and then complete the rest of the statement. (Leave any unused cells blank.) - Requirements Data table 1. Prepare the income statement of California Flowers for the year ended December 31, 20X6. 2. Prepare the company's statement of changes in equity for the year. 3. Prepare the company's balance sheet at December 31, 20X6. 4. Analyze California Flowers by answering these questions: a. Was California Flowers profitable during 20X6? By how much? b. Did retained earnings increase or decrease? By how much? Which is greater total liabilities or total equity? Who owns more of California Flowers' assets, creditors of the company or the company's shareholders? Land 8,800 Equipment 36,000 Note payable 21,000 Interest expense 3,129 Property tax expense 2,000 Interest payable... 1,900 Rent expense 16,000 Accounts payable 7,000 Accounts receivable 28,000 Salary expense 31,000 Service revenue 136,000 Building 130,000 Supplies 2,300 Cash 18,000 Utilities expense ....... 3,100 Share capital .... 1,300 Beginning retained earnings was 152,929, and dividends totaled 41,800 for the year c. Print Done Print Done Help me solve this Etext pages Get more help CIE . Check