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I need help setting up an income statement and a balance sheet using this informationumbers. Prepare an income statement and balance sheet as of December
I need help setting up an income statement and a balance sheet using this informationumbers.
Prepare an income statement and balance sheet as of December 31, 2017, for Belmond Hotel, Inc., from the following financial data. Particulars Amount (USD) Inventory 6,500 Common Stock (par value) 45,000 Cash 16,550 Operating expenses 1,350 Notes payable (N/P) 600 Interest expenses 900 Sales (Revenue) 12,800 Accounts receivable (A/R) 9,600 Accounts payable (A/P) 4,800 Long-term debt 55,000 Cost of goods sold 5,750 Machinery and equipment 122.000 Accumulated depreciation 36,400 Taxes (.e. Income Taxes) 1,440 Retained earnings prior year 10,690 Retained earings current year ? Note: The Company paid out $1,200 in dividends for this period Step by Step Solution
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