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Prepare a statement of earnings for planxty ltd

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Reference no: EM131803861

Assignment Question:

The following items are taken from the financial statements of Planxty Ltd. for 2010:

Income tax expense$ 1,000

Accounts payable 19,500

Accounts receivable 4,000

Accumulated depreciation - equipment 4,800

Bonds payable 18,000

Cash 22,000

Common shares (2,500 shares issued) 25,000

Cost of goods sold 12,000

Depreciation expense 4,800

Dividends 300

Equipment 48,000

Goodwill 7,500

Interest expense 3,500

Retained earnings, beginning 16,000

Salaries expense 8,200

Sales revenue 32,500

Supplies 4,500

Share price 4

Instructions

(a) Prepare a statement of earnings for Planxty Ltd. for the year ended December 31, 2010 in proper format

(b) Prepare a statement of retained earnings for Planxty Ltd. for the year ended December 31, 2010 in proper format

(c) Prepare a classified balance sheet for Planxty Ltd. At December 31, 2010 in proper format

Reference no: EM131803861

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