Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

table [ [ table [ [ MC Tutoring Plus ] , [ Income Statement ] , [ July 3 1 , 2 0

image text in transcribed
\table[[\table[[MC Tutoring Plus],[Income Statement],[July 31,20\times 1]],],[Account,20\times 6,20\times 5,\table[[Horizontal],[Analysis]]],[Sales,$87,950,$75,840,],[Cost of goods sold,$,30,520,$32,150,],[Gross profit,\table[[$,57,430]],$43,690,],[Selling expenses,$,15,150,$,13,020,],[General and administrative expenses,$,8,490,8,290,],[Total operating expenses,$23,640,$21,310,],[Operating income,$33,790,$22,380,],[Other income, net,$,5,000,$,3,500,],[Net income,$38,790,$,25,880,]]
\table[[\table[[MC Tutoring Plus],[Income Statement],[July 31,20\times 1]]],[Account,,20\times 6,\table[[Vertical],[Analysis],[20\times 6]],,20\times 5],[Sales,$,87,950,,$,75,840],[Cost of goods sold,$,30,520,,$,32,150],[Gross profit,,57,430,,$,43,690],[Selling expenses,$,15,150,,$,13,020],[General and administrative expenses,$,8,490,,$,8,290],[Total operating expenses,,23,640,,$,21,310],[Operating income,5,33,790,,$,22,380],[Other income, net,$,5,000,,$,3,500],[Net income,5,38,790,,$,25,880]]
\table[[\table[[MC Tutoring Plus],[Balance Sheet],[July 31,20\times 1]],\table[[Horizontal],[Analysis]]],[Account,20\times 6,20\times 5],[Cash,$238,500,$125,840,],[Accounts receivable,$30,450,$,32,150,],[Marketable securities,$95,200,$87,860,],[Total current assets,$364,150,$245,850,],[Plant assets,$234,000,$232,000,],[Accumulated depreciation,$55,400,$50,300,],[Total plant assets,$178,600,$181,700,],[Total assets,$542,750,$427,550,],[Accounts payable,$36,000,$38,400,],[Notes payable,$139,600,$120,900,],[Total liabilities,$175,600,$159,300,],[Common stock,$20,000,$15,000,],[Additional paid-in capital,$150,000,$90,000,],[Retained earnings,$197,150,$163,250,],[Total liabilities and equity,$542,750,$427,550,]]
\table[[\table[[MC Tutoring Plus],[Balance Sheet],[July 31,20\times 1]]],[Account,20\times 6,\table[[Vertical],[Analysis],[20\times 6]],,20\times 5],[Cash,$238,500,,$,125,840],[Accounts receivable,$,30,450,,$,32,150],[Marketable securities,$95,200,,$,87,860],[Total current assets,$364,150,,$,245,850],[Plant assets,$234,000,,$,232,000],[Accumulated depreciation,$55,400,,$,50,300],[Total plant assets,$178,600,,$,181,700],[Total assets,$542,750,,$,427,550],[Accounts payable,$,36,000,,$,38,400],[Notes payable,$139,600,,$,120,900],[Total liabilities,$175,600,,$,159,300],[Common stock,$20,000,,$,15,000],[Additional paid-in capital,$150,000,,$,90,000],[Retained earnings,$197,150,,$,163,250],[Total liabilities and equity,$542,750,,$,427,550]]
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental Accounting Principles

Authors: John Wild, Ken Shaw, Barbara Chiappett

23rd edition

1259536351, 978-1259536359

More Books

Students also viewed these Accounting questions

Question

What cash sources has Slater employed?

Answered: 1 week ago