Question
Look at the trial balance for company Stillson for 2020 and 2021 a. Prepare an Income Statement for 2021, b. Prepare a closing Balance Sheet
Look at the trial balance for company Stillson for 2020 and 2021
a. Prepare an Income Statement for 2021,
b. Prepare a closing Balance Sheet for 2020 and 2021.
c. Prepare a Cash Flow statement for 2021.
Trial Balance | 2020 | 2021 | ||
| Debit | Credit | Debit | Credit |
Fixed assets | 681.471 |
| 756.711 |
|
Accounts receivable | 40.129 |
| 51.194 |
|
Inventories | 31.100 |
| 39.675 |
|
Cash | 325.077 |
| 637.972 |
|
Accounts payable |
| 74.915 |
| 154.202 |
Capital Stock |
| 764.821 |
| 764.821 |
Retained Earnings |
|
|
| 238.041 |
sales |
| 1.464.706 |
| 1.868.577 |
COGS | 454.059 |
| 579.259 |
|
Direct labor expenses | 249.000 |
| 317.658 |
|
Depreciation expenses | 75.000 |
| 111.618 |
|
Utilities expenses | 17.088 |
| 21.800 |
|
Sales & marketing expenses | 73.235 |
| 93.429 |
|
Administration Expenses | 278.936 |
| 306.829 |
|
Tax expenses | 79.347 |
| 109.496 |
|
Total | 2.304.442 | 2.304.442 | 3.025.641 | 3.025.641 |
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