Question

In: Accounting

Financial Statements

Prepare the required financial statements from the information provided.

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Expert Solution

Sandhill Co.
Retained Earnings Statement
Beginning Retained Earnings
 
17000
Add: Net Income
 
19610
Less: Dividends
 
-4610
Ending Retained Earnings
 
32000
17000 + x - 4610 = 32000
= x = $ 19,610
 
Sandhill Co
Balance Sheet
Cash
 
12000
Inventory
 
15000
Building
 
40000
Total Assets
 
67000
Liabilities
 
 
Accounts Payable
 
5800
Stockholder's Equity
 
 
Common Stock
 
29200
Retained Earnings
 
32000
Total Liabilities and Stockholder's Equity
 
67000
Accounts payable + Common Stock + Ret. Earnings = 67000
= 5800 + CS + 32000 = 67000
Common Stock = 29200
 
Sandhill Co.
Income Statement
Revenues
84200
COGS
-54160
Salaries and Wages Expense
-10430
Net Income
19610
Revenues - COGS - Salaries = Net Income
84200 - COGS - 10430 = 19610
COGS = 54160
a. Common Stock - $ 29,200
b. Retained Earnings - $ 32,000
c. Cost of Goods Sold - $ 54,160
d. Net Income - $ 19,610
e. Net Income - $ 19,610
 

Soumik Mallick Choudhury answered 3 years ago
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