Reference no: EM132962070
Problem 1: Prepare an income statement for YE June 30 2020. Prepare a vertical formatted balance sheet for YE June 30, 2019. What are retained earnings for 2019 & 2020?
(The company tax rate is 30%)
Accounts
Cash 225,000
Revenue 573,000
Asset maintenance 62,400
Depreciation 66,000
Land 180,000
Property, plant and equipment 895,000
Port operations expenses 100,000
Interest expense 4,750
90-day bank bill payable 12,000
Current tax liability 53,000
Accounts payable 102,000
General and administrative expense 79,000
Accumulated depreciation 263,000
Notes payable 75,000
Preference shares 13,000
Accounts receivable 167,500
Inventory 99,300
Insurance expense 20,900
Electricity and telephone expenses 8,600
Prepayments 8,000
Ordinary shares 289,000
Long-term loan 434,000
Wage expense 78,000
Marine expenses 19,000
Retained earnings 2019 ?
Retained earnings 2020 ?
Investment in TECH SOLUTIONS 60,000
Short-term loan 30,000
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