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Prepare income statement and balance sheet

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Question -

a) Fort Road Foxtrot's adjusted trial balance for December 2018 is given. Prepare Income Statement and Balance sheet.

Inventory $6,500

Common stock 45,000

Cash 16,550

Operating expenses 1,350

Notes payable 600

Interest expense 900

Depreciation expense 1,200

Net sales 12,800

Accounts receivable 9,600

Accounts payable 4,800

Long-term debt 55,000

Cost of goods sold 5,750

Buildings and equipment 122,000

Accumulated depreciation 34,000

Taxes 1,440

Retained earnings 15,250

b) "Window dressing "in accounting is evil. Explain the statement and advise measures to counter this.

Reference no: EM132777850

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