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Plesase prepare income statement, owner's equity statement, and balance sheet! Thank you! Swifty Company's balance sheet at December 31, 2021, is presented below. SWIFTY COMPANY
Plesase prepare income statement, owner's equity statement, and balance sheet! Thank you!
Swifty Company's balance sheet at December 31, 2021, is presented below. SWIFTY COMPANY Balance Sheet December 31, 2021 Cash Inventory Prepaid Insurance Equipment $24,600 25,215 4,920 31,160 $85,895 Accounts Payable Interest Payable Notes Payable Owner's Capital $11,275 205 41,000 33,415 $85,895 During January 2022, the following transactions occurred. (Swifty Company uses the perpetual inventory system.) 1. 2. 3. 4. 5. 6. 7. Swifty paid $205 interest on the note payable on January 1, 2022. The note is due December 31, 2023. Swifty purchased $214, 102 of inventory on account. Swifty sold for $360,800 cash, inventor,' which cost $217,300. Swifty also collected $23,452 in sales taxes. Swifty paid $188,600 in accounts payable. Swifty paid $13,940 in sales taxes to the state. Paid other operating expenses of $24,600. On January 31, 2022, the payroll for the month consists of salaries and wages of $50,000. All salaries and wages are subject to 7.65% FICA taxes. A total of $7,300 federal income taxes are withheld. The salaries and wages are paid on February 1. Adjustment data: 8. 9. 10. 11. Interest expense of $205 has been incurred in January on the notes payable. The insurance for the year 2022 was prepaid on December 31, 2021. The equipment was acquired on December 31, 2021, and will be depreciated on a straight-line basis over 5 years with a $1,640 salvage value. Employer's payroll taxes include 7.65% FICA taxes, a 5.4% state unemployment tax, and an 0.6% federal unemployment tax.
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