Answered step by step
Verified Expert Solution
Question
1 Approved Answer
i need help creating an income statement out of the BS ASSETS Current Assets Cash 300,000.00 Accounts Receivable 900,000.00 Inventory 200,000.00 Prepaids 10,000.00 Deposit -
i need help creating an income statement out of the BS
ASSETS | ||
Current Assets | ||
Cash | 300,000.00 | |
Accounts Receivable | 900,000.00 | |
Inventory | 200,000.00 | |
Prepaids | 10,000.00 | |
Deposit | - | |
Non Current Assets | ||
Property Plant & Equipment | 40,800.00 | |
Accum Depreciation | (2,500.00) | |
Total Assets | 1,448,300.00 | |
LIABILITITES | ||
Current Liabilities | ||
Accounts Payable | 342,500.00 | |
Accrued Expenses/Liabilities | 7,000.00 | |
Unearned Revenue | - | |
Non Current Liabilities | ||
Note Payable Long Term | ||
Unearned Revenue Long Term | ||
Total Liabilities | 349,500.00 | |
EQUITY | ||
Common Stock | 10,000.00 | |
Additional Paid In Capital | 500,000.00 | |
Treasury Stock | - | |
Retained Earnings | 588,800.00 | |
Total Equity | 1,098,800.00 |
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