Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help! I am stuck on this assignment. The empty yellow boxes are the ones I cannot figure out. Thank you. f Page 2 l
Please help! I am stuck on this assignment. The empty yellow boxes are the ones I cannot figure out. Thank you.f
Page 2 l See The Light Projected Income Statement For the Period Ending December 31, 20x1 Sales Cost of Goods Sold Gross Profit Selling Expenses $ 1,125,000.00 723,250.00 $ 401,750.00 25,000 lamps S45.00 S28.S3 $ 23,000.00 (Commission per unit) S315 78,750.00 Variable Administrative Expenses Total Selling and Administrative Expenses: Net Profit S101,750.00 40,500.00 42,250.00 I See The Light Projected Balance Sheet As of December 31, 20x1 Current Assets $34,710.00 67,500.00 Accounts Receivable Raw Material 500 S9.20 500 S1.25 4,600.00 625.00 Figurines Electrical Sets Work in Process Finished Goods 3000 S28.9250 86,775.00 $194,210.00 Total Current Assets Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets S 20,00000 6,800,00 13,200.00 $ 207,410.00 Total Assets Current Liabilities Accounts Payable Total Liabilities $54,000.00 $ 54,000.00 Stockholder's Equity S 12,000.00 141,410 00 Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockhoder's Equity 153,410.00 207410.00 Page 2 l See The Light Projected Income Statement For the Period Ending December 31, 20x1 Sales Cost of Goods Sold Gross Profit Selling Expenses $ 1,125,000.00 723,250.00 $ 401,750.00 25,000 lamps S45.00 S28.S3 $ 23,000.00 (Commission per unit) S315 78,750.00 Variable Administrative Expenses Total Selling and Administrative Expenses: Net Profit S101,750.00 40,500.00 42,250.00 I See The Light Projected Balance Sheet As of December 31, 20x1 Current Assets $34,710.00 67,500.00 Accounts Receivable Raw Material 500 S9.20 500 S1.25 4,600.00 625.00 Figurines Electrical Sets Work in Process Finished Goods 3000 S28.9250 86,775.00 $194,210.00 Total Current Assets Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets S 20,00000 6,800,00 13,200.00 $ 207,410.00 Total Assets Current Liabilities Accounts Payable Total Liabilities $54,000.00 $ 54,000.00 Stockholder's Equity S 12,000.00 141,410 00 Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockhoder's Equity 153,410.00 207410.00
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