Question
Smith Incorporation List of Accounts As the accountant for Smith Incorporation, it is your job to prepare the companys income statement and balance sheet. Use
Smith Incorporation
List of Accounts
As the accountant for Smith Incorporation, it is your job to prepare the companys income statement and balance sheet. Use the accounts listed below to construct the statements. Assume that the tax rate is 35%.
Bonds Payable 80,000
Accounts Receivable 130,900
Goodwill 100,000 Land 3,500,000
Equipment & Vehicles 2,000,000
Notes Receivable 91,300
Insurance Expenses 65,000
Accounts Payable 24,000
Interest Expenses 26,500
Common Stock 4,239,350
Depreciation 700,000
Net Sales 3,000,000
Ending Inventory 240, 500
Notes Payable (Long-Term) 410,000
Beginning Inventory 210.500
Retained Earnings 3,239,350
Advertising Expense 200,000
Cash 150,000
Salaries 250,000
Short-Term Notes Payable 20,000
Merchandise Purchased (For Inventory) 450,000
Buildings 2,500,000
Rent 45,500
Utilities 50,000
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