Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

Using the attached excel worksheet prepare an income statement a statement of retained earning and a balance sheet using proper formatting. All numbers should be

image text in transcribed
Using the attached excel worksheet prepare an income statement a statement of retained earning and a balance sheet using proper formatting. All numbers should be formula driven.
image text in transcribed
Compreh Company Data for Financial Statements 21,005 Cash Debt Investments (short term) Accounts receivable (net) Inventory Supplies Prepaid rent Prepaid insurance Investment in real estate Equipment Accumulated depreciation equipment Patents Trademarks Notes payable (current) Accounts payable Current maturities of long-term debt Salaries and wages payable Bonds payable (due 2025) Notes payable (long-term) Common stock, $10 par Retained earnings Sales revenues Sales returns and allowances Sales discounts Interest revenue 2022 2021 70,000 65,000 55,000 ='Data'IB31 104,000 90,000 230,000 165,000 1,000 900 20,000 4,000 1,100 130,000 130,000 280,000 190,000 60,000 45,000 30,000 30,000 10,000 10,000 160,000 110,000 65,000 52,000 10,000 10,000 40,000 40,000 220,000 127,500 30,000 42,500 200,000 200,000 149,000 116,000 908,460 805,800 17,640 13,330 8,820 2.470 4,500 3.900 Rent revenue Compreh Company Data for Mandi Saberents 2020 86,000 115,000 Cash Debt investments (short term) - Accounts receivable (net) Inventory 10 Supplies 11 Prepaid rent 12 Prepaid insurance 13 Investment in real estate 14 Equipment 15 Accumulated depreciation-equipment 16 Patents 17 Trademarles 18 Notes payable (current) 19 Accounts payable 20 Current maturities of long-term debt 21 Salaries and wages payable 22 Bonds payable (due 2025) 23 Notes payable long term 24 Common stock, $10 par 25 Retained earnings 26 Sales revenues 27 Sales returns and allowances 28 Sales discounts 29 Interest revenue 30 Rent revenue 31 Cost of goods sold 32 Salaries and wages expense 33 Rent Expense 34 Advertising expense 35 Depreciation expense 36 Insurance expense 37 Freight-out 38 Utilities expense 39 Interest expense 40 Loss on disposal of plant assets 41 Income tax expense 42 Dividends 2022 70,000 55,000 104,000 230,000 1,000 20,000 4,000 130,000 280,000 60,000 30,000 10,000 160,000 65,000 10,000 40,000 220,000 30,000 200,000 149,000 908,460 17 640 8,820 4,500 14,300 640,000 74,000 46.000 14 200 13.000 12 500 4,700 3,600 6,900 600 33,267 19,033 2021 65,000 Data IB31 90,000 165,000 900 21,000 1,100 130,000 190,000 45,000 30,000 10,000 110,000 52,000 10,000 40,000 127,500 42.500 200,000 116,000 805 800 13,330 2.470 3,900 12.000 575.000 70,000 42.000 8.000 11,000 11,000 2,000 3,000 4.800 200 30,271 15,000 82.871 44 Notes: Total Assets 12/31/20 45 Notes: Total stockholders' equity 12/31/20 46 Notes: Market Price /Share 47 Notes: Commen shares outstanding 660.000 280,000 12 20.000 20.000 50 Compreh Company Data for Financial Statements 21,005 Cash Debt Investments (short term) Accounts receivable (net) Inventory Supplies Prepaid rent Prepaid insurance Investment in real estate Equipment Accumulated depreciation equipment Patents Trademarks Notes payable (current) Accounts payable Current maturities of long-term debt Salaries and wages payable Bonds payable (due 2025) Notes payable (long-term) Common stock, $10 par Retained earnings Sales revenues Sales returns and allowances Sales discounts Interest revenue 2022 2021 70,000 65,000 55,000 ='Data'IB31 104,000 90,000 230,000 165,000 1,000 900 20,000 4,000 1,100 130,000 130,000 280,000 190,000 60,000 45,000 30,000 30,000 10,000 10,000 160,000 110,000 65,000 52,000 10,000 10,000 40,000 40,000 220,000 127,500 30,000 42,500 200,000 200,000 149,000 116,000 908,460 805,800 17,640 13,330 8,820 2.470 4,500 3.900 Rent revenue Compreh Company Data for Mandi Saberents 2020 86,000 115,000 Cash Debt investments (short term) - Accounts receivable (net) Inventory 10 Supplies 11 Prepaid rent 12 Prepaid insurance 13 Investment in real estate 14 Equipment 15 Accumulated depreciation-equipment 16 Patents 17 Trademarles 18 Notes payable (current) 19 Accounts payable 20 Current maturities of long-term debt 21 Salaries and wages payable 22 Bonds payable (due 2025) 23 Notes payable long term 24 Common stock, $10 par 25 Retained earnings 26 Sales revenues 27 Sales returns and allowances 28 Sales discounts 29 Interest revenue 30 Rent revenue 31 Cost of goods sold 32 Salaries and wages expense 33 Rent Expense 34 Advertising expense 35 Depreciation expense 36 Insurance expense 37 Freight-out 38 Utilities expense 39 Interest expense 40 Loss on disposal of plant assets 41 Income tax expense 42 Dividends 2022 70,000 55,000 104,000 230,000 1,000 20,000 4,000 130,000 280,000 60,000 30,000 10,000 160,000 65,000 10,000 40,000 220,000 30,000 200,000 149,000 908,460 17 640 8,820 4,500 14,300 640,000 74,000 46.000 14 200 13.000 12 500 4,700 3,600 6,900 600 33,267 19,033 2021 65,000 Data IB31 90,000 165,000 900 21,000 1,100 130,000 190,000 45,000 30,000 10,000 110,000 52,000 10,000 40,000 127,500 42.500 200,000 116,000 805 800 13,330 2.470 3,900 12.000 575.000 70,000 42.000 8.000 11,000 11,000 2,000 3,000 4.800 200 30,271 15,000 82.871 44 Notes: Total Assets 12/31/20 45 Notes: Total stockholders' equity 12/31/20 46 Notes: Market Price /Share 47 Notes: Commen shares outstanding 660.000 280,000 12 20.000 20.000 50

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Auditing Cases An Active Learning Approach

Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt

2nd Edition

9781266566899

Students also viewed these Accounting questions