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One of our client companies, EA Community Laundry Chain, asked us for a consultation on their company's operations. Based on the accounting information provided
One of our client companies, EA Community Laundry Chain, asked us for a consultation on their company's operations. Based on the accounting information provided by them, please use your professional knowledge to assist them in the preparation of five financial statement based on the information below (Income statement, financial position statement, retained earnings statement, comprehensive income statement, cash flow statement). Sales revenue: $555,080 Cost of goods sold: $210,000 Financing Costs: $10,000 Selling and administrative expenses: $75,000 Gain on sale of plant assets: $45,000 Unrealized gain on non-trading securities: $15,000 Loss on discontinued operations: $20,000 Dividends declared and paid: $50,400 Allocation to non-controlling interest: $60,000 Equipment: $40,000 Interest payable: $600 Land: $157,320 Inventory: $102,000 Bonds payable: $78,000 Notes payable (due in 5 months): $24,400 Buildings: $80,400 Share capital: $60,000 Accumulated depreciation-equipment: $10,000 Prepaid advertising: $5,000 Supplies: $1860 Taxes payable: $3000 Cash: $???(Need to be confirmed in the Financial Position Statement) Salaries and wages payable: $900 Accumulated depreciation-buildings: $15,000 Please prepare five financial statements based on the data provided by Pizza Mr. Park, Inc
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