Question
In: Accounting
XYZ Corporation began operations on January 1, 2019. The following information is available for XYZ Corporation...
XYZ Corporation began operations on January 1, 2019. The following information is available for XYZ Corporation on December 31, 2019.
|
Accounts receivable |
1,800 |
Common stock |
10,000 |
Supplies |
4,000 |
|
Accounts payable |
2,000 |
Retained earnings |
? |
Supplies expense |
200 |
|
Rental expense |
9,000 |
Equipment |
16,000 |
Cash |
1,400 |
|
Notes payable |
5,000 |
Insurance expense |
1,000 |
Dividends |
600 |
|
Service revenue |
17,000 |
Instructions
Prepare an (1) income statement, (2) a retained earnings statement, and (3) a balance sheet using this information.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
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PART 1 The following information is available for a company as of January 1, 2019: Accounts...
PART 1
The following information is available for a company as of
January 1, 2019:
Accounts Receivable
$300,000
Allowance for Doubtful Accounts
(14,000)
Accounts Receivable (net)
286,000
The following events took place during 2019:
During the year, the company sold services for $500,000 cash
and $3,000,000 on credit.
On December 31, a decision was made to estimate bad debts as
0.5% of credit sales.
Accounts Receivable of $1,000 from prior years was determined
to be uncollectible and was written...
Winx Company began operations at the beginning of 2018.The following information is available for this...
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Trial Balance
December 31, 2019
Account Title
Debit
Credit
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Accounts Receivable
5,000
Prepaid Rent
1,200
Office Supplies
3,400
Land
45,000
Building
16,500
Equipment
23,000
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16-6.
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Book
Income
Income statement
For current year
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$
40,000,000
Cost of Goods Sold
(27,000,000
)
Gross profit
$
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300,000
1
Interest income
20,000
2
Capital gains (losses)
(4,000
)...
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January 1, 2018. For the year, it reported the following
information in its current-year audited income statement. Notes
with important tax information are provided below. Use Exhibit
16-6.
XYZ corp.
Book
Income
Income statement
For current year
Revenue from sales
$
40,000,000
Cost of Goods Sold
(27,000,000
)
Gross profit
$
13,000,000
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Income from investment in corporate stock
300,000
1
Interest income
20,000
2
Capital gains (losses)
(4,000
)...
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