Reference no: EM131219771
Below are the transactions and adjustments that occurred during the first year of operations at Kissick Co
Issued 192,000 shares of $5-par-value common stock for $960,000 in cash.
Borrowed $520,000 from Oglesby National Bank and signed a 11% note due in three years.
Incurred and paid $410,000 in salaries for the year.
Purchased $710,000 of merchandise inventory on account during the year.
Sold inventory costing $590,000 for a total of $910,000, all on credit.
Paid rent of $220,000 on the sales facilities during the first 11 months of the year.
Purchased $170,000 of store equipment, paying $53,000 in cash and agreeing to pay the difference within 90 days.
Paid the entire $117,000 owed for store equipment and $630,000 of the amount due to suppliers for credit purchases previously recorded.
Incurred and paid utilities expense of $37,000 during the year.
Collected $845,000 in cash from customers during the year for credit sales previously recorded.
At year-end, accrued $57,200 of interest on the note due to Oglesby National Bank.
At year-end, accrued $20,000 of past-due December rent on the sales facilities.
Required: a. Prepare an income statement (ignoring income taxes) for Kissick Co.'s first year of operations and a balance sheet as of the end of the year. (Hint: You may find it helpful to prepare T-accounts for each account affected by the transactions.) (Amounts to be deducted and net loss should be indicated with minus sign.)
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