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(Working with an income statement) Prepare a balance sheet and income statement for Belmond Inc. from the information in the following table. Hint: Use the
(Working with an income statement) Prepare a balance sheet and income statement for Belmond Inc. from the information in the following table.
Hint: Use the accumulated depreciation account as a negative value. Retained earnings may not be needed for the question.
Inventory | $6,762 |
Common stock | $46,586 |
Cash | $14,589 |
Short-term notes payable | $666 |
Interest expense | $876 |
Depreciation expense | $493 |
Sales | $11,883 |
Accounts receivable | $9,603 |
Accounts payable | $4,953 |
Long-term debt | $55,544 |
Cost of goods sold | $5,587 |
Buildings and equipment | $123,116 |
Accumulated depreciation | $34,591 |
Taxes | $1,580 |
General and administration expense | $976 |
Retained earnings | ? |
What is the firm's net income $___________. (Round to the nearest dollar and use thousands separators.)
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