ACCT30110 Lecture Notes - Lecture 11: Cash Flow Statement, Income Statement, Accounts Receivable
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Need help completing an income statement!
Trial Balance:
Acc. # | Account Name | Debits | Credits |
100 | Cash | $ 66,000 | |
110 | Accounts receivable | 160,000 | |
115 | Allowance for doubtful accounts | $ 7,000 | |
120 | Inventory | 50,000 | |
135 | Prepaid insurance | 24,750 | |
136 | Prepaid advertising | 6,000 | |
150 | Land | 235,000 | |
160 | Building | 240,000 | |
165 | Accumulated depreciation - building | 61,500 | |
170 | Equipment | 150,000 | |
175 | Accumulated depreciation - equipment | 53,750 | |
190 | Notes receivable | 155,000 | |
195 | Interest receivable | 8,590 | |
200 | Accounts payable | 135,000 | |
215 | Interest payable | 11,000 | |
219 | Income tax payable | 12,477 | |
230 | Accrued liabilities | 42,000 | |
240 | Unearned revenue | 27,500 | |
250 | Notes payable - current portion | 20,000 | |
255 | Notes payable - long-term portion | 80,000 | |
270 | Bonds payable | 100,000 | |
300 | Common stock | 500,000 | |
310 | Retained earnings | 21,000 | |
350 | Dividends | 5,000 | |
400 | Sales | 1,337,250 | |
450 | Interest revenue | 94,590 | |
500 | Cost of goods sold | 616,000 | |
510 | Administrative and general expenses | 97,000 | |
515 | Insurance expense | 2,250 | |
520 | Selling expenses | 188,000 | |
531 | Depreciation expense - building | 7,500 | |
532 | Depreciation expense - equipment | 12,500 | |
550 | Interest expense | 71,000 | |
599 | Income tax expense | 12,477 | |
600 | Loss on sale of equipment | 60,000 | |
910 | Loss from operation of discontinued | 75,000 | |
segment ofbusiness | |||
915 | Loss from disposal of discontinued | 261,000 | |
segment ofbusiness | |||
$ 2,503,067 | $ 2,503,067 |
Income statement: (I've put in some of the numbers butI'm kinda lost with the operating expenses)
Sales | $ 1,337,250 | |
Cost of goods sold | 616,000 | |
Gross Profit | 721,250 | |
Operating expenses | ||
Selling expenses | 188,000 | |
Administrative and generalexpenses | ||
Total operating expenses | ||
Operating Income | ||
Other revenue | ||
Interest Revenue | 94,590 | |
Other expense and loss | ||
Interest expense | ||
Total other expense andloss | ||
Income from continuingoperations before income tax | ||
Income tax expense | 113,277 | |
Income from continuingoperations | 264,313 | |
Discontinued operations: | ||
Loss fromoperations of discontinued segment, net of | ||
income tax benefit | ||
Loss from disposalof discontinued segment, net of | ||
income tax benefit | ||
Total loss from discontinuedoperations | ||
* = Line-item is a subtotal,not an account | ||
EPS: | ||
1.Balance sheet
â | Prepare a classified balance sheet in proper form. The termâproper formâ implies the inclusion of 4 columns for classificationof account titles and dollar amounts, the listing of account titlesunder the correct headings and in proper order. For example,current assets are listed in order of liquidity. The appropriateuse of dollar signs and rulings (underscores). Strive forprofessionalism. INCOME STATEMENT
Cash-7882000 Accounts Receivable-1400000 Inventory-2798000 Allowance for doubtful accounts-40000 Prepaid Supplies- 93000 Assets held for sale- 0 Land-17500000 Buildings-7975000 Equipment-9800000 Accumulated depreciation- equipment- 5130000 accumulated depreciation- buildings- 1395000 accounts payable- 1500000 interest payable- 101250 bonds payable- 5000000 Common stock ($10 par)- 12500000 Retained earnings-13837500 unearned design revenue- 4650000 sales commissions- 2000000 Cost of goods sold- 4962500 advertising expense- 750000 rent expense- 1150000 wages expense- 4000000 supplies expense- 700750 interest expense- 201250 loss on income from discontinued operations- 300000 prepaid rent- 300000 paid in capital in excess of par- 5000000 long term notes payable- 500000 investment in ABC bonds- 2000000 investments in XYZ bonds- 300000 |