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Use the following information available as of December 31 to prepare an income statement for the year and a balance sheet for Goldie Company. Fees for services performed during the year, $125,000 Accounts payable, $17,700 Accounts receivable, $18,100 Miscellaneous expenses for the year, $8,800 Supplies on hand, $3,600 Notes payable, $27,000 Interest expense on the note for the year, $3,000 Equipment, $93,100 Cash on hand, $11,400 Salaries expense for the year, $71,200 Supplies expense for the year, $8,700 Rent expense for the year, $11,700 Common stock that has been issued, $53,000 Retained earnings at the end of the year, $28,500

Respuesta :

TomShelby

Answer:

Income Statement

Revenues                           125,000

misc expense          8,800

interest expense     3,000

salaries expense    71,200

supplies expense    8,700

rent expense          11, 700

total expense      103,400

Net Income                            21,600

Balance Sheet

Assets                                               Liabilities

Cash                         11,400              Account Payable   17,700

Accoun Receivable 18,100              Note Payable        27,000

Supplies                  3,600               Total Liabilities     44,700

Current Asets         33,100                Equity

                                                          Common Stock   53,000

                                                          RE                         28,500

Equipment              93,100                Total Equity          81,500

Total Assets         126,200                Total Liab + SE   126,200  

Explanation:

Income statement:

revenues - expense

Balance Sheet:

Assets on the left side, liabilities and equity in the right side

It should match total assets with total liab and SE