Question

In: Accounting

Account Balance Accounts Payable* $62,000 Accounts Receivable* $41,000 Accumulated Depreciation – PPE* $116,000 Accumulated Other Comprehensive...

Account

Balance

Accounts Payable*

$62,000

Accounts Receivable*

$41,000

Accumulated Depreciation – PPE*

$116,000

Accumulated Other Comprehensive Income

$17,000

Additional Paid in Capital

$159,000

Amortization Expense

$5,000

Cash and Cash Equivalents *

$79,000

Common Stock

$6,000

Cost of Goods Sold

$1,650,000

Depreciation Expense

$20,000

Dividends

$8,000

Gain on Sale of Discontinued Operations

$60,000

Gain on Sale of Held-To-Maturity Securities

$1,000

Goodwill*

$26,000

Impairment of Intangible Assets

$40,000

Interest Expense

$10,000

Interest Revenue

$2,000

Inventory*

$88,000

Long-Term Debt

$115,000

Long-Term Investments*

$18,000

Loss on Currency Translations

$14,000

Loss on Operations from Discontinued Segment

$145,000

Other Current Assets*

$9,000

Patents, net*

$28,000

Prepaid Expenses*

$15,000

Property, Plant, and Equipment*

$255,000

R&D Expense

$90,000

Restricted Cash*

$16,000

Restructuring Charges

$65,000

Retained Earnings

$75,000

Revenues

$2,550,000

Selling, General, and Administrative Expenses

$480,000

Short Term Investments*

$25,000

Short-Term Notes Payable

$68,000

Treasury Stock

$42,000

Unearned Revenues

$24,000

Unrealized Gain in Value of Derivative Securities

$2,000

Unrealized Loss on Trading Securities

$2,000

Note: The company also has a 20% tax rate and 500,000 shares outstanding. In addition, they have 150,000 shares available via stock options. $18,000 of the Long-Term Debt is due within the next 12 months. All Prepaid Expenses will be used in the next 12 months and all Unearned Revenues will be earned in the next 12 months.

Using this information, create a balance sheet and income statement.

Solutions

Expert Solution

INCOME STATEMENT
Particulars Amount($) Amount($)
Revenues 25,50,000
Cost of Goods Sold 16,50,000
Gross Profit 9,00,000
Operating Expenses
Depreciation Expense 20,000
Amortization Expense 5,000
Interest Expense 10,000
Selling, General, and Administrative Expenses 4,80,000
R&D Expense 90,000
Restructuring Charges 65,000
6,70,000
Income from Operations 2,30,000
Income from Other Operations :
Dividends 8,000
Gain on Sale of Discontinued Operations 60,000
Gain on Sale of Held-To-Maturity Securities 1,000
Interest Revenue 2,000
71,000
Loss on Currency Translations 14,000
Loss on Operations from Discontinued Segment 1,45,000
1,59,000
Income Before Tax 1,42,000
Income Tax @ 20%        28,400
Net Income for the year    1,13,600

ekkarill92 answered 1 year ago
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