Required information

Skip to question

[The following information applies to the questions displayed below.]

The following trial balance was drawn from the records of Havel Company as of October 1, year 2.

Cash	$	16,000
Accounts receivable		60,000
Inventory		40,000
Store equipment		200,000
Accumulated depreciation					$	76,800
Accounts payable						72,000
Line of credit loan						100,000
Common stock						50,000
Retained earnings						17,200
Totals	$	316,000			$	316,000

b. Supply the missing information in the following pro forma income statement and balance sheet for the fourth quarter of year 2. The statements are prepared as of December 31, year 2.

! Required information (The following information applies to the questions displayed below.) The following trial balance was drawn from the records of Havel Company as of October 1, year 2. $ 16,000 60,000 40,000 200,000 Cash Accounts receivable Inventory Store equipment Accumulated depreciation Accounts payable Line of credit loan Common stock Retained earnings Totals $ 76,800 72,000 100,000 50,000 17,200 $316,000 $316,000 b. Supply the missing information in the following pro forma income statement and balance sheet for the fourth quarter of year 2. The statements are prepared as of December 31, year 2. Income Statement Balance Sheet Supply the missing information in the following pro forma income statement for the fourth quarter of year 2. The statement is prepared as of December 31, year 2. Income Statement Sales revenue $ 619,560 Cost of goods sold 244,080 Gross margin 357,480 Operating expenses 164,190 Operating income 193,290 Interest expense (2,530) Net income $ 190,760 Income Balance Sheet Statement Supply the missing information in the following pro forma balance sheet for the fourth quarter of year 2. The statement is prepared as of December 31, year 2. (Amounts to be deducted should be indicated by a minus sign.) Balance Sheet Assets Cash $ 9,760 Accounts receivable 60,000 Inventory 40,000 Store equipment $ 200,000 Accumulated depreciation store equipment 76,800 Book value of equipment 118,400 Total assets $ 314,984 Liabilities Accounts payable $ 72,000 Utilities payable Sales commissions payable Line of credit 23,936 Equity Common stock 50,000 Retained earnings 17,200 Total liabilities and equity 314,984 $ ! Required information (The following information applies to the questions displayed below.) The following trial balance was drawn from the records of Havel Company as of October 1, year 2. $ 16,000 60,000 40,000 200,000 Cash Accounts receivable Inventory Store equipment Accumulated depreciation Accounts payable Line of credit loan Common stock Retained earnings Totals $ 76,800 72,000 100,000 50,000 17,200 $316,000 $316,000 b. Supply the missing information in the following pro forma income statement and balance sheet for the fourth quarter of year 2. The statements are prepared as of December 31, year 2. Income Statement Balance Sheet Supply the missing information in the following pro forma income statement for the fourth quarter of year 2. The statement is prepared as of December 31, year 2. Income Statement Sales revenue $ 619,560 Cost of goods sold 244,080 Gross margin 357,480 Operating expenses 164,190 Operating income 193,290 Interest expense (2,530) Net income $ 190,760 Income Balance Sheet Statement Supply the missing information in the following pro forma balance sheet for the fourth quarter of year 2. The statement is prepared as of December 31, year 2. (Amounts to be deducted should be indicated by a minus sign.) Balance Sheet Assets Cash $ 9,760 Accounts receivable 60,000 Inventory 40,000 Store equipment $ 200,000 Accumulated depreciation store equipment 76,800 Book value of equipment 118,400 Total assets $ 314,984 Liabilities Accounts payable $ 72,000 Utilities payable Sales commissions payable Line of credit 23,936 Equity Common stock 50,000 Retained earnings 17,200 Total liabilities and equity 314,984 $