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Need help with Income Statement. Below is the Balance Sheet attached. *Edit. I do have the trial balance but I am a bit confused because
Need help with Income Statement. Below is the Balance Sheet attached. *Edit. I do have the trial balance but I am a bit confused because in my homework there is the "Financial Statement - Beginning" & "Financial Statement - Ending" I currently just need assistance on beginning. Please reply with any questions.
The 2019 Balance Sheet of the Victoria Co. is as follows: Victoria Co. Balance Sheet As of December 31, 2019 Cash Notes Receivable Accounts Receivable Less: Allowance for Doubtful A/Cs Inventories Office Supplies Prepaid Insurance Prepaid Rent Total Current Assets Long-term Investments Investments in securities Land for future development Property, Plant, and Equipment Land Buildings Less: Accu. Depreciation Intangible Assets Capitalized Development Costs Goodwill Other Intangible Assets Total Non-Current Assets Total Assets 85,000 Notes Payable 34,590 Accounts Payable 35,000 Unearned Revenue (2,930) Property Tax Payable 65,000 Interest Payable 0 Income Tax Payable 540 Salary and Wages Payable 4.800 Utilities Payable 222,000 Total Current Liabilities Provisions Related to Pensions 180,000 Bonds Payable 60,000 Total Non-Current Liab. Total Liabilities 145,000 Common Stock 800,000 Paid-in-capital - Common Stock (240,000) Preferred Stock Paid-in-capital - Preferred Stock 15,000 Retained Earnings 120,000 Accu. Other Comp. Income 48.000 Less: Treasury Stock 1,128,000 Total Shareholders' Equity 1,350,000 Total Liab. and Total Equity 150,000 125.000 1,000 0 3,500 13,000 6,500 12,000 311,000 93,100 300,000 393,100 704,100 240,000 96,000 97,000 7,400 210,500 5,000 (10,000) 645,900 1,350,000 23 24 Income Statement 25 26 27 29 38 39 40 41 42 43 44 45 46 47 48 49 50 52 Financial Statement - Beginning Trial BalanceStep by Step Solution
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