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Prepare Income Statement and Balance Sheet from the following Accounts payable 249,750 Accounts receivable 777,000 Accumulated depreciation 416,250 Advertising expense 55,500 Allowance for doubtful accounts
Prepare Income Statement and Balance Sheet from the following
Accounts payable | 249,750 | |
Accounts receivable | 777,000 | |
Accumulated depreciation | 416,250 | |
Advertising expense | 55,500 | |
Allowance for doubtful accounts | 57,665 | |
Bad debt expense | 41,070 | |
Capital gains | 12,210 | |
Capital stock (common) | 999,000 | |
Cash | 376,623 | |
Charitable contributions | 29,970 | |
Compensation expense | 1,443,000 | |
Cost of goods sold | 921,300 | |
Depreciation expense | 22,200 | |
Dividends (paid) | 88,800 | |
Dividends (received) | 13,320 | |
Entertainment expense | 6,771 | |
Equipment | 832,500 | |
Federal income tax expense | 278,388 | |
Gain from disposition of fixed assets | 4,496 | |
Interest expense | 68,820 | |
Interest income | 16,650 | |
Inventory | 1,914,750 | |
Investments in state & local bonds | 155,400 | |
Investments in stock | 305,250 | |
Investment in U.S. government bonds | 77,700 | |
Land | 3,052,500 | |
Maintenance expense | 22,200 | |
Meals expense | 9,047 | |
Miscellaneous expense | 45,510 | |
Mortgage payable | 1,703,961 | |
Other assets | 299,700 | |
Other current liabilities | 146,520 | |
Other liabilities | 205,350 | |
Other taxes expense | 62,160 | |
Pension plans expense | 46,620 | |
Professional services expense | 35,520 | |
Property tax expense | 44,400 | |
Retained earnings (1/1/2019) | 3,518,700 | |
Sales | 3,796,700 | |
Sales returns & allowance | 46,620 | |
State income tax expense | 72,150 | |
Supplies expense | 9,102 | |
$11,140,571 | $11,140,571 |
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