Question

In: Accounting

Create a balance sheet and income statement using the following information: WIth proper financial statement formatting...

Create a balance sheet and income statement using the following information: WIth proper financial statement formatting

Any missing information, please fill in.

Total Shareholder Equity

Long Term Debt: 3,650,000

Inventories: 350,000

Income Taxes: 85,000

Total Non-Operating Expenses, Net

Common stock: 100,000

Total Assets

Retained Earnings: 3,000,000

Cost of Goods Sold: 2,000,000

Interest Income: 20,000

Accounts Receivable: 1,500,000

General and Administrative Costs: 1,000,000

Accruals: 800,000

Preferred Stock

Net Earnings

Goodwill & Other Intangibles: 1,800,000

Net Revenue: 4,500,000

Earnings Before Income Taxes

Total Liabilities

Interest Expense: 90,000

Cash: 5,000,000

Total Operating Expenses

Treasuring stock: (3,500,000)

Total Liabilities and Shareholder's Equity

Depreciation and Amortization: 100,000

Net, Property, Plant, and Equipment: 300,000

Operating Profit

Additional Paid-in Capital: 2,000,000

Marketing and Advertising: 1,000,000

Prepaid Expenses: 310,000

Total Current Liabilities

Gross Profit  

Accounts Payable: 300,000

total current assets  

Solutions

Expert Solution

Income Statement
for the year ended...
Description Amount Amount
Gross Revenue 5000000
Less: Sales Return 500000
Net Revenue 4500000
Cost of Goods Sold 2000000
Gross Profit 2500000
Less: Opreating Expenses
General and Administrative Cost 1000000
Marketing and Advertising 1000000
Depriciation and Amortization 100000
Total Operating Expenses 2100000
Operating Profit 400000
Non-Operating Income
Interest Income 20000
Non-Operating Expense
Interset Expense 90000
Total Non-Operating expenses, Net 90000
Earning Before Income Tax 330000
Income Taxes 85000
Net Earnings 245000
Balance Sheet
For the year ended......
Description Amount Amount
Current Assets
Cash 5000000
Prepaid Expenses 310000
Inventories 350000
Accounts Receivable 1500000
Total Current Asset 7160000
Non-Current Assets
Property, Plant, Equipment 400000
Less: Accumulated Depriciation 100000
Net Property, Plant, Equipment 300000
Goodwill and Other intangibles 1800000
Total Non-Current Assets 2100000
Total Assets 9260000
Liabilities and Shareholders Equity
Current Liabilities
Accounts Payble 300000
Accruals 800000
Total Current Liabilities 1100000
Non-Current Liabilities
Long Term Debt 3650000
Total Liabilities 4750000
Shareholders Equity
Common Stock 100000
Preferred Stock 2665000
Additional Paid-In-Capital 2000000
Treasuring Stock (3500000)
Retained Earnings 3000000
Net Earnings 245000
Total Shareholder Equity 4510000
Total Liability and Shareholders Equity 9260000

Notes

1)

Gross revenue and Sales Return are assumed in the question to match the requirement of the question. Net Revenue comes after the deduction of Sales return  from the Gross revenue.Thats why Gross Revenue and Sales Return are assumed.

2) A fictitious figure of $2665000 is assumed for Preferred Stock.


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