Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I just need help setting this up! I would greatly appreciate your help! Scenario: You have been hired as a manager for a family-owned agribusiness
I just need help setting this up! I would greatly appreciate your help!
Scenario: You have been hired as a manager for a family-owned agribusiness that specializes in producing and selling organic fruits and vegetables, in addition to a pumpkin patch called Bembeck Pumpkin Patch. The company has been in operation for the past three years and has experienced steady growth. The owner is interested in evaluating the company's financial performance to make informed decisions for future investments. Using the financial data provided below, prepare an income statement and balance sheet for the company for the year ending December 31, 2022. Leave any unused lines blank. Make sure your work is legible, or it will not be graded. Financial Data: - Accounts Payable =$25,000 - Interest Expense =$16,765 - Accounts Recetvable =$50,000 - Inventory =$75,000 - Accrued Expenses =$8,750 - Land =$350,000 - Advances =$0 - Miscellaneous expenses =$3,025 - Bad Debt =$1,450 - Mortgage =$185,000 - Cash Checking =$75,000 - No returns or allowances - Common Stock =$179,974 - Notes receivable =$0 - Cost of goods sold for Pumpkin patch - Office expenses =$740 =$13,500 - Organic fruits and vegetables sales = - Cost of Organic Produce $65,000 $457,000 - Decrease in Accounts payable =$5000 - Other Assets =$0 - Decrease in accrued expenses =$5000 - Other Revenue =$5000 - Delivery Freight expense =$24,300 - Owner's Draw =$65,000 - Depreciation on Equipment =$6000 - Owner's Equity (Beginning of Year) = - Depreciation on Processing Shipping $503.918 Facilities =$20,000 - Part-time salary expense =$26,520 - Discounts of $20,000 - Processing/Shipping Facilities = - Equipment =$60,000 $200,000 - Full-time salary expense =$120,000 - Promotion expense =$8,500 - Important notes: no Change in - Pumpkin patch sales =$63,000 Common Stock - Utility expense =$16,300 - Increase in Accounts receivable = - Retained Earnings = $385,276 $2500 - Taxes =$43,368 - Insurance expense =$13,200 \begin{tabular}{|l|l|l|l|} \hline Owner-Imvested Capital: & & \\ \hline & & & \\ \hline & & & \\ \hline Total Owner's Equity & & & \\ \hline Total Liabilties and Owner's Equity & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Income Statement for Bernbeck Pumpkin Patch for the year ended December 31, 2022 } \\ \hline Sales: & \\ \hline & \\ \hline Gross Sales & \\ \hline & \\ \hline Net Sales & \\ \hline Cost of Goods Sold: & \\ \hline & \\ \hline & \\ \hline Total Cost of Goods Sold & \\ \hline Gross Profit Margin) & \\ \hline \end{tabular} Operating Expenses: \begin{tabular}{|l|l|} \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline Total Operating Expenses & \\ \hline Net Operating Income & \\ \hline & \\ \hline & \\ \hline Net Income Before Taxes & \\ \hline Net Income After Taxes & \\ \hline \end{tabular} Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started