From the information given below prepare an Income Statement and a separate Statement of Retained Earning...

From the information given below prepare an Income Statement and a separate Statement of Retained Earning
The name of the compay is UAN
The amounts shown are the ending amounts (except for Retained Earnings) from the period from January 1, 2017 to December 31 2017
The beginning retained earnings amount is as of the beginning of the year January 1, 2017

Beginning Retained Earnings	$600,000
Cost of good sold	$7,500,000
Depreciation expense	$130,000
Dividents	$100,000
Income tax expense	$60,000
Interest expense mortgage	$17,000
Interest expense notes payable	$15,000
Intersest expense bonds	$5,600
Sales revenue	$10,000,000
Selling general admin expenses	$1,900,000

Expert Solution

UAN
Income Statement
For the Year ended December 31 2017

Sales Revenue		$ 1,00,00,000.00
Less: Cost of Goods Sold		$ 75,00,000.00
Gross Margin		$ 25,00,000.00
Operating Expenses
Selling general and administrative expenses	$ 19,00,000.00
Depreciation expenses	$ 1,30,000.00
Total Operating expenses		$ 20,30,000.00
Operating Profit		$ 4,70,000.00
Interest expense
Interest on mortgage	$ 17,000.00
Interest on notes payable	$ 15,000.00
Interest on bonds	$ 56,000.00	$ 88,000.00
Income before Taxes		$ 3,82,000.00
Income taxes expense		$ 60,000.00
Net income		$ 3,22,000.00

UAN
Statement of Retained Earnings
For the year ended December 31 2017
Retained Earnings at jan 1, 2017	$ 6,00,000.00
Net income for the year ended December 31 2017	$ 3,22,000.00
Dividends Paid to Shareholders	$ (1,00,000.00)
Retained Earnings at December 31 2016	$ 8,22,000.00

Alternate solution assuming General and administrative expenses include depreciation.

UAN
Income Statement
For the Year ended December 31 2017

Sales Revenue		$ 1,00,00,000.00
Less: Cost of Goods Sold		$ 75,00,000.00
Gross Margin		$ 25,00,000.00
Operating Expenses
Selling general and administrative expenses	$ 19,00,000.00

Total Operating expenses		$ 19,00,000.00
Operating Profit		$ 6,00,000.00
Interest expense
Interest on mortgage	$ 17,000.00
Interest on notes payable	$ 15,000.00
Interest on bonds	$ 56,000.00	$ 88,000.00
Income before Taxes		$ 5,12,000.00
Income taxes expense		$ 60,000.00
Net income		$ 4,52,000.00

UAN
Statement of Retained Earnings
For the year ended December 31 2017
Retained Earnings at Jan 1 , 2017	$ 6,00,000.00
Net income for the year ended December 31 2017	$ 4,52,000.00
Dividends Paid to Shareholders	$ (1,00,000.00)
Retained Earnings at December 31 2017	$ 9,52,000.00

ekkarill92 answered 2 years ago

From the information given below, prepare a November income statement, a November statement of retained earnings,...

From the information given below, prepare a November income statement, a November statement of retained earnings, and a November 30 balance sheet. On November 1, of the current year, Garza Décor Inc. had a beginning retained earnings of $50,000. On November 30, records for Garza Décor Inc. showed the following items and amounts. Cash $21,200 Revenue $34,000 Accounts receivable 19,000 Telephone Expense 250 Office Furnishings 40,000 Rent Expense 9,600 Accounts Payable 12,000 Salaries Expense 4,200 Notes Payable...

Using the information given below, prepare an income statement, Statement of Retained Earnings and balance sheet...

Using the information given below, prepare an income statement, Statement of Retained Earnings and balance sheet for Hanson Storage from the adjusted trial balance. No additional investments in the company were made during the year. ( really need help with making an income statement, statement of retained earnings, and balance sheet. HANSON PRODUCTS COMPANY Adjusted Trial Balance December 31, 2018 Debit Credit Cash $ 14,400 Accounts receivable 35,000 Allowance for doubtful accounts 800 Merchandise inventory 50,400 Office supplies 900 Prepaid...

Question: Based on the information below info, prepare an income statement for 2018, statement of retained...

Question: Based on the information below info, prepare an income statement for 2018, statement of retained earnings for 2018, and a balance sheet on 12/31/2018 that makes sense based on the provided info. (Note: you can add additional info if desired. The below info is just the minimum required.) Background: Last year, you set up your own business in the merchandising sector. You lease a space of 6,000 square feet to open a luxury watch shop. The following is the...

Use the information presented in this worksheet to prepare an income statement, retained earnings statement, and...

Use the information presented in this worksheet to prepare an income statement, retained earnings statement, and balance sheet. Show cell references if possible. ESP Corporation Worksheet for year ended December 31, 2018 Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Cash 5,900 $ 5,900 $ 5,900 Accounts Receivable 12,450 $ 2,800 $ 15,250 $ 15,250 Office Supplies $ 200 $ 200 $ 200 Prepaid insurance 2,400 $ 1,800 $ 600 $ 600 Equipment 169,000 $ 169,000 $ 169,500...

Using the adjusted trial balance below, prepare an income statement, statement of retained earnings, and a...

Using the adjusted trial balance below, prepare an income statement, statement of retained earnings, and a balance sheet as of December 31. Download the Excel spreadsheet located in the instructions and use it as a template for your financial statements. Once you have completed the statements, save the file and upload the completed spreadsheet for grading. Parties Plus, Inc. Adjusted Trial Balance December 31 Debit Credit Cash $1,600 Accounts receivable 4,000 Office equipment 16,800 Accumulated depreciation $1,600 Income tax payable...

Using the Below Data: A: Prepare an Income Statement using the information given below. Make sure...

Using the Below Data: A: Prepare an Income Statement using the information given below. Make sure to identify Gross Pofit, Operating Income, and Net Income. B: Calculate the P/E Ratio Inventories $ 50,000 Cost of Goods Sold $ 250,000 Administrative Expenses $ 50,000 Accumulated Depreciation $ 150,000 Sales $ 600,000 Depreciation Expense $ 25,000 Selling Expense $ 150,000 Common Stoock Dividends $ 8,000 Interest Expense $ 8,000 Corporate Tax Rate 40% Cmmon Stock Shares 100,000 Current Stock Market Price $...

Information from the statement of financial position and statement of income are given below for Pina...

Information from the statement of financial position and statement of income are given below for Pina Road Inc., a company following IFRS, for the year ended December 31. Pina Road has adopted the policy of classifying interest paid as operating activities and dividends paid as financing activities. Comparative Statement of Financial Position, at December 31 2017 2016 Cash $81,700 $48,050 Accounts receivable 91,800 37,800 Inventory 128,400 108,650 Investments in land 91,900 115,000 Property, plant, and equipment 295,000 212,000 Accumulated depreciation...

Required: Prepare the Income Statement (Multiple Step Format) Prepare the Statement of Retained Earnings Prepare the...

Required: Prepare the Income Statement (Multiple Step Format) Prepare the Statement of Retained Earnings Prepare the Balance Sheet (Classified Format) Prepare the necessary year-end closing entries Prepare the Year End Trial Balance

From the information below prepare, in proper accounting form the, Income Statement, Balance Sheet, and Statement...

From the information below prepare, in proper accounting form the, Income Statement, Balance Sheet, and Statement of Changes in Owners’ Equity, and Statement of Cash Flows for 2016 and 2017. In your Income Statement Calculation, include Subtotals for EBITDA, EBIT, and EBT in addition to Net Income. You must submit your answers in either a MS Word or an MS Excel file. TANDY COMPANY Year Ending 6/30/2017 6/30/2016 6/30/2015 Common Stock 100,000 shares outstanding $460,000 $460,000 $460,000 Net Receivables 632,160...

Prepare an income statement and a statement of retained earnings for the month of May (note...

Prepare an income statement and a statement of retained earnings for the month of May (note space provided on two pages) for Shelby, Inc. Also prepare a balance sheet as of May 31, 2017. The financial transactions of Shelby, Inc. for May, their first month of operations, are: On May 1, 2017, Shelby, Inc. issued common stock in exchange for $20,000 cash from a stockholder, Nan. On May 3, the company borrowed $5,100 from a creditor and executed a note...

Question