Preparation of income statement and classified balance

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Reference no: EM13356195

Preparation of income statement and classified balance sheet.

Preparing Financial Statements

The following account balances are provided for Rustic Company at December 31, 2007. Revenue and expenses accounts cover the fiscal year ending on that date. All numbers are dollars except shares outstanding.

Account	Amount
Accounts payable	$14,000
Accounts receivable	18,000
Accumulated depreciation	30,000
Cash	6,000
Common stock, par value	20,000
Cost of goods sold	35,000
Current portion of long-term debt	2,000
Income taxes	6,000
Interest expense	4,000
Interest payable	500
Inventory	34,000
Long-term debt	40,000
Net income	12,000
Paid-in capital in excess of par	30,000
Patents and trademarks	4,000
Prepaid insurance	2,500
Property, plant and equipment, cost	150,000
Retained earnings	78,000
Sales revenues	110,000
Selling, general, and administrative expenses	65,000
Service revenues	12,000
Supplies	3,000
Wages pyable	3,000
Shares outstanding	20,000

A. Prepare an income statement in good form for Rustic Company.
B. Prepare a classified balance sheet.

Reference no: EM13356195

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