In: Accounting
Build the statement of comprehensive income and statement of financial position based on the information given below, as of December 31, 2016. Round numbers to the nearest integer.
Accounts payable |
$172,000 |
Accounts receivable |
$195,000 |
Cash and cash equivalents |
$106,000 |
CoGS |
$251,300 |
Common stock |
$1,231,000 |
Depreciation |
$42,000 |
Dividend payout ratio |
40% |
Interest paid |
$66,600 |
Inventory |
$121,000 |
Long-term debt |
$1,332,000 |
Net fixed assets |
$2,889,000 |
Sales |
$468,000 |
Short-term debt |
$377,000 |
Tax rate |
31% |
Number of shares |
1,000,000 |
Price per share |
$0.50 |
As per the given information the statement of comprehensive income and statement of financial position has been prepared as below -