Detolla's Tennis Boutique Adjusted Trial Balance 31-Dec-18 Cash $41,650 Accounts Receivable $15,000 Merchandise Inventory $60,000 Prepaid...

Detolla's Tennis Boutique
Adjusted Trial Balance
31-Dec-18
Cash	$41,650
Accounts Receivable	$15,000
Merchandise Inventory	$60,000
Prepaid Rent	$5,000
Tennis Supplies	$2,200
Tennis Equipment	$80,000
Accumulated Depreciation: Tennis Equipment		$10,000
Accounts Payable		$7,500
Sales Tax Payable		$1,200
Capital Stock		$100,000
Retained Earnings		$55,000
Dividends	$15,000
Sales		$125,000
Sales Returns & Allowances	$1,250		47-3005107
Cost of Goods Sold	$49,500
Purchase Discount Lost	$250
Utilities Expense	$750
Tennis Supply Expense	$600
Depreciation Expense: Tennis Equipment	$1,000
Rent Expense	$6,000
Insurance Expense	$500
Salaries Expense	$8,000
Income Tax Expense	$12,000
	$298,700	$298,700

Required: Financial Statements should be prepared in Excel!
a. Prepare an Income Statement in good form.







Remember to include proper headings, $-signs, sub-totals, and totals in your financial statements.

Expert Solution


Detolla's Tennis Boutique
Income Statement
31-Dec-18
Sales	$125,000
Less : Sales Return and allowances	$1,250
Net Sales		$123,750
Less : Cost of Goods Sold	$49,500
Purchase Discount Cost	$250	$49,750
Gross Margin		$74,000
Less : Operating Expenses
Utilities Expense	$750
Tennis Supply Expense	$600
Depreciation Expense: Tennis Equipment	$1,000
Rent Expense	$6,000
Insurance Expense	$500
Salaries Expense	$8,000
Total Operating Expenses		$16,850
Income Before taxes		$57,150
Less : Income Tax Expense		$12,000
Net Income		$45,150
Dividend		$15,000
Addition to Retained Earnings		$30,150

Detolla's Tennis Boutique
Balance Sheet
31-Dec-18
ASSETS
Current Assets
Cash		$41,650
Accounts Receivable		$15,000
Merchandise Inventory		$60,000
Prepaid Rent		$5,000
Tennis Supplies		$2,200
Total Current Assets		$123,850

Fixed Assets
Tennis Equipment	$80,000
Accumulated Depreciation: Tennis Equipment	$10,000	$70,000

Total Assets		$193,850

LIABILITIES AND SHAREHOLDERS EQUITY
Current Liabilities
Accounts Payable		$7,500
Sales Tax Payable		$1,200
Total Current Liabilities		$8,700

Shareholders Equity
Capital Stock		$100,000
Retained Earnings		85150	(55000+30150)
Total Shareholders Equity		$185,150

Total Liabilities and Shareholders Equity		$193,850

ekkarill92 answered 2 years ago

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