Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I have income statement ,balance sheet and retained Earning statement I need'now' [cash flow] [note statement} The following information indicates the first years operation of

I have income statement ,balance sheet and retained Earning statement I need'now' [cash flow] [note statement}

The following information indicates the first years operation of Adam, Inc. at December 31, 2018.

Sales revenue: $555,080 Cost of goods sold: $210,000 Financing Costs: $10,000

Selling and administrative expenses: $75,000 Gain on sale of plant assets: $45,000

Unrealized gain on non-trading securities: $15,000 Loss on discontinued operations: $20,000

Dividends declared and paid: $50,400 Allocation to non-controlling interest: $60,000

Equipment: $40,000 Interest payable: $600 Land: $157,320 Inventory: $102,000

Bonds payable: $78,000 Notes payable (due in 5 months): $24,400 Buildings: $80,400

Share capital: $60,000 Accumulated depreciation-equipment: $10,000

Prepaid advertising: $5,000 Supplies: $1860 Taxes payable: $3000 Cash: $90400

Salaries and wages payable: $900 Accumulated depreciation-buildings: $15,000

Please prepare five financial statements based on the data provided by Adam, Inc. at December 31, 2018.

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

Question

How does Red Bull Crashed Ice help build the brand?

Answered: 1 week ago