Reference no: EM131715739

Financial Accounting Assignment

 

 

The following accounts are from the accounting records of JadaTech Industries.  Unless otherwise indicated, assume that all balance sheet items reflect account balances for the fiscal year that began on    January 1, 2016 and ended on December 31, 2016.  All income statement accounts reflect activities that occurred during that fiscal year.

 

 

Paid-in capital                               30,000
Gross revenue                              675,000
Equipment                                    21,500
Accounts receivable                       60,400
Merchandise inventory                   224,500
Income tax expense                      85,000
Cash                                            37,800
Notes payable (long term)              75,600
Interest expense                            10,450.40
Depreciation expense                      3,149.60
Accumulated depreciation                13,800
Rent expense                                17,900
Sales discounts                             9,000
Land                                            47,500
Cost of goods sold                         462,000
Retained earnings (1/1/2016)          227,850.40
Accounts payable                           24,149.60

 

 

This assignment is to be Typed using Microsoft Excel or similar software (I will not grade handwritten submittals). 

 

1.  Prepare the Balance Sheet.

 

 

2.  Prepare the Income Statement.

 

 

3.  Calculate the retained earnings if a dividend of $67,200 was paid during the year.

 

 

Include a proper heading with each financial statement

 

 

Be sure to include dollars and cents.