Reference no: EM132838564
Question - Prepare an income statement, the statement of stockholders' equity and the classified balance sheet.
Accounts Payable $28,000
Accounts Receivable $150,000
Equipment $220,000
Cost of Goods Sold $400,000
Supplies $36,000
Notes Payable (Due in 2years) $40,000
Rent Expense $12,000
Interest Expense $6,000
Sales Revenue $545,000
Sales Discount $45,000
Accumulated Depreciation $20,000
Depreciation Expense $10,000
Buildings $65,000
Income Tax Expense $8,000
Salaries Expenses $25,000
Cash $12,000
In addition, the company has common stock of $250,000 at the beginning of the year and issued additional shares for $50,000. The company also had retained earnings of $60,000 at the beginning of the year and paid dividend of $4,000 during the year.
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