In: Finance
Create an income statement and balance sheet using the data below. Important: double the balance of the Net Sales and make the necessary corrections to balance.
Inputs | |
---|---|
Accounts Payable | 12,000 |
Accounts Receivable | 10,000 |
Accruals | 10,000 |
Accumulated Depreciation | 100,000 |
Beginning of year Inventory | 50,000 |
Beginning of year Retained Earnings | 120,000 |
Cash | 7,000 |
Common Stock | 121,500 |
Cost of Goods Sold | 200,000 |
Current Portion - Long Term Debt | 1,500 |
Depreciation Expense | 25,000 |
Dividends | 40,000 |
Gross Property, Plant, and Equipment | 400,000 |
Interest Expense | 15,000 |
Long Term Debt (excluding current portion) | 120,000 |
Net Sales | 400,000 |
Operating Expenses (excluding depreciation) | 40,000 |
Purchases | 250,000 |
Tax rate | 40% |