Question
Roprin, Inc. capital structure consists of 100,000 shares of common stock. At December 31, 2019, an analysis of the accounts and discussions with company officials
Roprin, Inc. capital structure consists of 100,000 shares of common stock. At December 31, 2019, an analysis of the accounts and discussions with company officials revealed the following information:
Sales |
| 1,1 50,000 |
Purchase Discounts |
| 18,000 |
Purchase | 646,000 |
|
Selling Expenses | 128,000 |
|
Cash | 60,000 |
|
Sales Discounts | 24,000 |
|
Freights-in | 10,000 |
|
Purchase Returns and Allowances |
| 4,000 |
Accounts Receivable | 90,000 |
|
Common Stock |
| 447,000 |
Accumulated Depreciation Equipment |
| 180,000 |
Dividend Revenue |
| 8,000 |
Sale Returns and Allowances | 32,000 |
|
Income Tax Expense (30%) (33,000) | 33,000 |
|
Inventory, 31 December 2019 | 125,000 |
|
Unearned Service Revenue |
| 4,000 |
Accrued Interest Payable |
| 1,000 |
Interest Revenue |
| 6,000 |
Land | 370,000 |
|
Patents | 100,000 |
|
Accumulated Depreciation Building (27,000) |
|
|
Retained Earnings, January 1, 2019 |
| 290,000 |
Interest Expense | 17,000 |
|
Inundations Loss | 32,000 |
|
General and Administrative Expenses | 160,000 |
|
Dividends Declared | 29,000 |
|
Allowance for Doubtful Accounts |
| 5,000 |
Note Payable (Maturity 1 July 2030) |
| 200,000 |
Machinery and Equipment | 450,000 |
|
Materials and Supplies | 40,000 |
|
Accounts Payable |
| 60,000 |
Building (254,000) |
|
|
Cost of Goods Sold | 152,000 | 125,000 |
|
|
|
| 2,498,000 | 2,498,000 |
The Company apply a 30% of income tax to ordinary income.
Instructions
c) Prepare the Balance Sheet 2019
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