Question

In: Accounting

Based on the information below create an income statement, balance sheet, and cash flow statement. On...

Based on the information below create an income statement, balance sheet, and cash flow statement.

On January 2, 2003, Alexander, together with a number of relatives and friends, established Chemalite, Inc.; 500,000 shares were issued, of which Alexander received 125,000 in exchange for his patent, and the remainder were sold to the other investors at $1 per share. During the period January 2, 2003, through June 30, 2003, Chemalite, Inc., made the following expenditures:

  • January 15—Paid $7,500 in legal fees, charter costs, and printing expenses associated with the incorporation of the company.
  • June 15—Spent $62,500 building the machinery that would be used to produce the first commercial models of the Chemalite.
  • June 24—Purchased $75,000 worth of plastics and chemicals for use in the production of commercial Chemalites. ‘

Between January 2 and June 30, the company’s bank balance had fallen from $375,000 to $230,000.

Solutions

Expert Solution

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Based on the information below create the year end income statement, balance sheet, and cash flow...
Based on the information below create the year end income statement, balance sheet, and cash flow statement. On January 2, 2003, Alexander, together with a number of relatives and friends, established Chemalite, Inc.; 500,000 shares were issued, of which Alexander received 125,000 in exchange for his patent, and the remainder were sold to the other investors at $1 per share. During the period January 2, 2003, through June 30, 2003, Chemalite, Inc., made the following expenditures: January 15—Paid $7,500 in...
What information is shown on an income statement, a balance sheet, and a cash flow statement?
What information is shown on an income statement, a balance sheet, and a cash flow statement?
Please create a balance sheet,income statement, and cash flow statement for the calendar year for me...
Please create a balance sheet,income statement, and cash flow statement for the calendar year for me to run a gas station business, and you may make up your own numbers, just dont copy someone elses from the internet.
Please create a balance sheet,income statement, and cash flow statement for the calendar year for me...
Please create a balance sheet,income statement, and cash flow statement for the calendar year for me to run a gas station business, and you may make up your own numbers, just dont copy someone elses from the internet.
Create a balance sheet as of December 31st, 2014 and a cash flow statement for the...
Create a balance sheet as of December 31st, 2014 and a cash flow statement for the three months ending 12/31/14 using the following information. A ssume bills are paid in current month unless otherwise indicated.  Take home salary received each week is $450  Utility (electric/gas/water) bills in October were $165, November $195, and December $200.  Bought presents and clothes for $110 in Sept ember, $140 in October, $350 in November. o All purchases we're on credit and...
The balance sheet and income statement for Hours Gone Inc. are presented below.  Prepare the cash flow...
The balance sheet and income statement for Hours Gone Inc. are presented below.  Prepare the cash flow statements under both the indirect and direct methods for 2019. Hours Gone Inc. Balance sheet 2019 2018 Cash 7,500,000   6,300,000 Accounts receivable 4,560,000 4,400,000 allowance for doubtful  accounts   (135,000)   (125,000) Inventory 2,400,000   2,375,000 Supplies         48,000        52,000 Prepaid insurance         45,000         65,000 Investments, fair value method 1,200,000 1,100,000 Investments, equity method 2,400,000 2,200,000 Property, plant & equipment 5,150,000 4,150,000 Accumulated depreciation    (510,000) (450,000) Total Assets 22,658,000 20,067,000...
Based on the following financial information, construct the balance sheet and income statement below for Tonka...
Based on the following financial information, construct the balance sheet and income statement below for Tonka Trucking LLC for the year ending December 31, 2019. Be sure to format them as accurately as possible. Accounts Receivable $40,000 Depreciation Expense $50,000 Accumulated Depreciation $200,000 Cost of Goods Sold $50,000 Income Tax Expense $50,000 Cash $50,000 Sales Revenue $400,000 Equipment (Net of Accumulation) $200,000 Selling, General, and Administrative Expenses $100,000 Common Stock (1,000 shares) $100,000 Accounts Payable $50,000 Retained Earnings $200,000 Interest...
Discuss the relationship between the balance sheet, income statement, statement of cash flow and, statement of...
Discuss the relationship between the balance sheet, income statement, statement of cash flow and, statement of owner’s equity?
Based on the trial balance below, prepare the Income Statement and the Balance Sheet for the...
Based on the trial balance below, prepare the Income Statement and the Balance Sheet for the year 2012. Please show your workings for the related questions below (yes, all together!). If your final answers (below) are incorrect, I'll review your workings to grant partial credit. Trial Balance as at 31st December 2012 Trial Balance Dr Cr Sales 240,000 Purchases 150,000 Returns inwards 5,000 Returns outwards 6,000 Carriage Inwards 3,000 Inventory 1.1.2012 80,000 Salaries 25,000 Electricity and telephone 4,000 Rent 5,000...
1.  What information does the Income Statement, Balance Sheet and Cash Flow Statement provide to various users?...
1.  What information does the Income Statement, Balance Sheet and Cash Flow Statement provide to various users? Why is the Income Statement constructed first and the Cash Flow Statement contructed last? What type of accounts are in each statement? 2. What is the difference between an accrual basis and cash basis of accounting? What type of companies might use each basis and why? What is GAAP and who determines GAAP? What is IFERs and what impact might it have in the...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT