Question
The following information was gathered for BBB, Inc. for 2020. The amounts are for the year ended December 31, 2020 or as of that date
The following information was gathered for BBB, Inc. for 2020. The amounts are for the year ended December 31, 2020 or as of that date except for the Beginning Retained Earnings which is given for the beginning of 2020. Complete an Income Statement, Statement of Owners Equity, and Balance Sheet.
Revenue $74,272
Cost of goods sold 40,523
Selling expenses 10,325
Beginning Retained earnings 6,372
Inventory 2,897
Accounts payable 4,894
Fixtures and equipment 4,701
Accounts Receivable 26,348
Accrued liabilities 1,471
Cash 1,125
Prepaid Expenses 1,103
Capital stock 920
Income tax expense 803
Land and buildings 766
Long-term debt 711
Interest expense 687
Short-term debt 557
Salaries payable 256
Dividends paid 150
Utilities expense 25
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