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Swanson Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2024, the company reports the following amounts:

Swanson Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2024, the company reports the following amounts:

In addition, the company had common stock of $30,000 at the beginning of the year and issued an additional $3,000 during the year. The company also had retained earnings of $16,200 at the beginning of the year.
 

Required:

  1. Prepare the income statement for Swanson Corporation.
  2. Prepare the statement of stockholders’ equity for Swanson Corporation.
  3. Prepare the balance sheet for Swanson Corporation.

     

    SWANSON CORPORATION
    Income Statement
    For the year ended December 31, 2024
    Expenses:
    Total expenses

     

     
     
    SWANSON CORPORATION
    Statement of Stockholders’ Equity
    For the year ended December 31, 2024
    Common StockRetained EarningsTotal Stockholders’ Equity
    Beginning balance
    Ending balance

     

    SWANSON CORPORATION
    Balance Sheet
    December 31, 2024
    AssetsLiabilities
    $
    Total liabilities
    Stockholders’ Equity
    Total stockholders’ equity53,400
    Total assetsTotal liabilities and stockholders’ equity$

     

Solutions

Expert Solution

SWANSON CORPORATION
Income Statement
For the year ended December 31, 2024
$62,700
Expenses:
$52,400
4,500
1,600
Total expenses 58,500
$4,200
SWANSON CORPORATION
Statement of Stockholders’ Equity
For the year ended December 31, 2024
Common Stock Retained Earnings Total Stockholders’ Equity
Beginning balance $30,000 $16,200 $46,200
3,000 3,000
4,200 4,200
Ending balance $33,000 $20,400 $53,400
SWANSON CORPORATION
Balance Sheet
December 31, 2024
Assets Liabilities
$1,300 $3,400
2,400 900
24,000
30,000
Total liabilities 4,300
Stockholders’ Equity
33,000
20,400
Total stockholders’ equity 53,400
Total assets $57,700 Total liabilities and stockholders’ equity $57,700

 

 

devender singh answered 2 years ago
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