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The bookkeeper just quit and Christopher Company needs to have you prepare an Income Statement and Balance Sheet in Excel for the period ending April
The bookkeeper just quit and Christopher Company needs to have you prepare an Income Statement and Balance Sheet in Excel for the period ending April 30, 2023 Below is the financial information you will need The first payment on the new mortgage was made April 30. You also must compute the Mortgage Payment and Depreciation You must compute the payment for the Equipment loand You must also compute the Amount of Owners Equity for the Balance Sheet. Cash Inventory Sales COGS (Includes Wages \& Materials Taxes Supplies ( 50% used this period) Accounts Receivable Bullding Owned - Obtained 4/3/2023; Expected Life (Depreciation period) 10 \begin{tabular}{|r|r|} \hline years & 500,000 \\ \hline Mortgage ( 10 years, 6% Interest) & 250,000 \\ \hline Land & 200,000 \\ \hline Manitenance Expense & 1,000 \\ \hline \end{tabular} Depreciation (current period) ????? Machinery \& Equipment (Depreciable Life 5 years original Loan amount 70,000 Q \begin{tabular}{lr} \hline 8% for 5 years) & 100,000 \\ \hline Truck (fully depreciated and paid off) & 10,000 \\ \hline \end{tabular} Loan Payment Expense for Equipment- Separate from Mortgage payment ????? Interest portion of Equipment Loan 500 FuelExpense600 OperationExpense(Other)5,000 \begin{tabular}{ll} Utilities & 1,000 \\ \hline \end{tabular} \begin{tabular}{lr} Insurance & 1,000 \\ \hline Adverising & 2,500 \\ \hline \end{tabular} \begin{tabular}{lr} Advertising & 2,500 \\ \hline Accumusted Depreciton \end{tabular} \begin{tabular}{lr} Accumulated Depreciation & 33,333 \\ \hline \end{tabular} IntangibleAssets15,000 \begin{tabular}{ll} Accounts Payable & 15,000 \\ \hline \end{tabular} \begin{tabular}{ll} Short Term Securities & 10,000 \\ \hline \end{tabular} Long term loans payable (Incl. Mortgage) 306,000 Owners Equity ??7?7
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