110 Cash $2,500.00 $0.00 120 Accounts Receivable 2,500.00 - 140 Inventory 4,200.00 - 151 Prepaid Insurance...

110	Cash	$2,500.00	$0.00
120	Accounts Receivable	2,500.00	-
140	Inventory	4,200.00	-
151	Prepaid Insurance	200.00	-
161	Land	20,000.00	-
162	Building	50,000.00	-
165	Equipment	7,500.00	-
166	Vehicles	8,000.00	-
182	Acc. Dep. Building	-	13,500.00
185	Acc. Dep. Equipment	-	5,250.00
186	Acc. Dep. Vehicles	-	2,000.00
200	Line of Credit	-	25,000.00
210	Accounts Payable	-	1,500.00
215	Interest Payable	-
224	Sales Tax Payable	-	1,100.00
230	Book Deposits	-	-
241	Notes Payable	-	-
310	Capital	-	33,000.00
311	Drawing	5,800.00	-
401	Book Sales	-	180,500.00
405	Sales Discounts	2,500.00	-
410	Sales Returns	2,000.00	-
501	Book Purchases	110,900.00	-
505	Freight In	2,000.00	-
510	Purchase Discounts	-	2,000.00
515	Purchase Returns		2,000.00
550	Income Summary
601	Wages	20,000.00	-
611	Utilities	10,000.00	-
621	Advertising	10,000.00	-
640	Professional Fees	1,500.00	-
672	Depreciation - Building	-	-
675	Depreciation - Equipment	-	-
676	Depreciation - Vehicles	-	-
690	Insurance	1,000.00	-
760	Equipment Rent	1,000.00	-
770	Repairs and Maintenance	1,000.00	-
810	Interest Income	-	250.00
820	Interest Expense	2,500.00	-
900	Personal Property Taxes	1,000.00	-
	Totals	$266,100.00	$266,100.00

need to come up with Income Statement, Balance sheet, and statement of equity

Income Statement
Revenues:
Book Sales
Interest Income

Expenses:
Cost of sales
Wages
Utilities
Advertising
Professional Fees
Depreciation - Building
Depreciation - Equipment
Depreciation - Vehicles
Insurance
Equipment Rent
Repairs and Maintenance
Interest Expense
Personal Property Taxes
Net Income
------------------------------------------
Balance Sheet
Assets:
Cash
Accounts Receivable
Inventory
Prepaid Insurance
Land
Building
Equipment
Vehicles
Total Assets:

Liabilities:
Line of Credit
Accounts Payable
Interest Payable
Sales Tax Payable
Book Deposits
Notes Payable
Total Liabilities

Equity (Capital)
Total Liabilities & Equity
-----------------------------------------
Statement of Equity (Capital)
Beginning Capital
Add: Net Income
Less: Drawing (Dividends)
Ending Capital

Expert Solution

1) Income Statement (Amounts in $)

Revenues:
Book Sales (net) (180,500-2,500-2,000) (Note 1)	176,000
Interest Income	250
Total Revenue (A)	176,250
Expenses:
Cost of Sales (Note 2) (110,900+2,000-2,000-2,000)	108,900
Wages	20,000
Utilities	10,000
Advertising	10,000
Professional Fees	1,500
Depreciation-Building	0
Depreciation-Equipment	0
Depreciation-Vehicles	0
Insurance	1,000
Equipment Rent	1,000
Repair and Maintenance	1,000
Interest Expense	2,500
Personal Property Taxes	1,000
Total Expenses (B)	156,900
Net Income (A-B)	19,350

Notes:-

1) Book sales given in income statement are after deducting sales discounts and sales returns.

2) It is assumed that the inventory given in the ledger account is closing inventory and adjusted from book purchases. Cost of sales is equal to book purchases plus freight in minus purchase returns and purchase discounts.

2) Balance Sheet (Amounts in $)

Assets:
Cash	2,500
Accounts Receivable	2,500
Inventory	4,200
Prepaid Insurance	200
Land	20,000
Building (net) (50,000-13,500)	36,500
Equipment (net) (7,500-5,250)	2,250
Vehicles (net) (8,000-2,000)	6,000
Total Assets	74,150
Liabilities:
Line of Credit	25,000
Accounts Payable	1,500
Interest Payable	0
Sales Tax Payable	1,100
Book Deposit	0
Notes Payable	0
Total Liabilities	27,600
Equity (Capital) (from part 3)	46,550
Total Liabilities and Equity	74,150

3) Statement of Equity (Capital) (Amounts in $)

Beginning Capital	33,000
Add: Net Income	19,350
Less: Drawing (Dividends)	(5,800)
Ending Capital	46,550

ekkarill92 answered 2 years ago

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