Q1

The following accounts balance appeared in the adjusted trial balance of Tree Toy Company, a trading firm, at March 31, 2020. Dr Cr Accounts Payable $ 83,620 Accounts Receivable $ 64.700 Accumulated Depreciation - Buildings $ 18,000 Accumulated Depreciation - Equipment $ 55,000 Buildings $ 180.000 Cash 42.560 Common Stock $ 300,000 Cost of Goods Sold $ 450,000 Depreciation Expense 29.000 Dividends S 18.000 Equipment $ 100.000 Gain on Disposal of Plant Assets 6,400 Income Tax Expense 10,000 Insurance Expense 8.990 Interest Expense 9,700 Interest Payable $ 9,500 Inventory $ 62,700 Land $ 240,000 Mortgage Payable $ 129,000 Prepaid Insurance $ 18.000 Maintenance ard Repairs Expense 4.930 Retained Earnings $ 24,890 Salaries and Wages Expense $ 99.000 Sales Revenue $ 643,000 Salaries and Wages Payable 86,400 Sales Returns and Allowances 2.150 Utilities Expense 16,080 $ 1,355,810 $1,355,810PEAR AND CREASE CORPORATION Forecast Income Statement For the Year Ending December 31, 2020 Sales $120,000,000 Cost of goods sold Variable $58,500,000 Fixed 11,000,000 69,500,000 Gross margin 50,500,000 Selling and marketing expenses Commissions 19,500,000 Fixed costs 10,000,000 29,500,000 Operating income $21.000,000Given below are comparative financial statements and additional information of the following trading firm: Juko Company Comparative Balance Sheets As at 31 March 2020 2019 Cash $75,030 $49,740 Accounts receivable 101,950 99,070 Prepaid Insurance 36,000 16,000 Plant assets 425.000 390,000 Accumulated depreciation (175,030) (110,500) Total $462,950 $444,310 Accounts payable $33,500 $70, 100 Unearned Revenue 62,400 72,110 Bonds Payable 100,000 100,000 Common stock 100,000 50,000 Retained earnings 167,050 152,100 Total $462,950 $444,310