Information for the year 2019 Information for the year 2020 2 Marketable Securities 3 Accounts Receivable 4 Inventory 5 Number of shares outstanding 6 Other current assets 7 Propert, Plant and equipment 8 Machinery 9 Furniture 10 Vehicles 11 Paid in capital in excess of par vali 600,000.00 12 Par value of stock 13 Notes payable 14 Accounts payable 15 Long term loan 16 Short term loan 17 Dividends 18 Cash 19 Accumulated depreciation 20 Sales 10,000.00 50,000.00 10,000.00 Marketable Securities 20,000.00 60,000.00 30,000.00 120,000.00 10,000.00 400,000.00 80,000.00 15,000.00 Accounts Receivable Inventory Number of shares outstanding 100,000.00 40,000.00 381,000.00 60,000.00 70,000.00 120,000.00 Paid in capital in excess of par valu 420,000.00 Other current assets Propert, Plant and equipment Machinery Furniture 100,000,00 Vehicles 1.00 30,000.00 30,000.00 89,000.00 20,000.00 18,900.00 500,000.00 20,000.00 700,000.00 5,000.00 15,000.00 450,000.00 30,000.00 20,000.00 16,000.00 35% 30,000.00 Par value of stock 1.00 Notes payable Accounts payable Long term' loan Short term loan Dividends Cash Accumulated depreciation Sales Depreciation expense Selling expense Cost of goods sold Research and development expens 30,000.00 General and administrative expens 40,000.00 Interest expense Tax rate Utilities expense Beginning balance of retained earr 30,000.00 5,000.00 60,000.00 13,500.00 16,000.00 300,000.00 25,000.00 900,000.00 5,000.00 20,000.00 600,000.00 21 Depreciation expense 22 Selling expense 23 Cost of goods sold 24 Research and development expens 25 General and administrative expen: 26 Interest expense 27 Tax rate 28 Utilities expense 10,000.00 35% 45,000.00 29 Beginning balance of retained eari 237,800.00 30 31 32 33 Sheet1 Ready P Type here to search 15 2 & 61 08. 6 3

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

1-Prepare the company’s balance sheet and Income statement during 2019 and 2020? 2-prepare the company’s cash flow statement for the year 2020?

Information for the year 2019
Information for the year 2020
2 Marketable Securities
3 Accounts Receivable
4 Inventory
5 Number of shares outstanding
6 Other current assets
7 Propert, Plant and equipment
8 Machinery
9 Furniture
10 Vehicles
11 Paid in capital in excess of par vali 600,000.00
12 Par value of stock
13 Notes payable
14 Accounts payable
15 Long term loan
16 Short term loan
17 Dividends
18 Cash
19 Accumulated depreciation
20 Sales
10,000.00
50,000.00
10,000.00
Marketable Securities
20,000.00
60,000.00
30,000.00
120,000.00
10,000.00
400,000.00
80,000.00
15,000.00
Accounts Receivable
Inventory
Number of shares outstanding
100,000.00
40,000.00
381,000.00
60,000.00
70,000.00
120,000.00
Paid in capital in excess of par valu 420,000.00
Other current assets
Propert, Plant and equipment
Machinery
Furniture
100,000,00
Vehicles
1.00
30,000.00
30,000.00
89,000.00
20,000.00
18,900.00
500,000.00
20,000.00
700,000.00
5,000.00
15,000.00
450,000.00
30,000.00
20,000.00
16,000.00
35%
30,000.00
Par value of stock
1.00
Notes payable
Accounts payable
Long term' loan
Short term loan
Dividends
Cash
Accumulated depreciation
Sales
Depreciation expense
Selling expense
Cost of goods sold
Research and development expens 30,000.00
General and administrative expens 40,000.00
Interest expense
Tax rate
Utilities expense
Beginning balance of retained earr
30,000.00
5,000.00
60,000.00
13,500.00
16,000.00
300,000.00
25,000.00
900,000.00
5,000.00
20,000.00
600,000.00
21 Depreciation expense
22 Selling expense
23 Cost of goods sold
24 Research and development expens
25 General and administrative expen:
26 Interest expense
27 Tax rate
28 Utilities expense
10,000.00
35%
45,000.00
29 Beginning balance of retained eari 237,800.00
30
31
32
33
Sheet1
Ready
P Type here to search
15
2
&
61
08.
6
3

Expert Solution

Explanation -

Financial Statement -

Financial Statement includes Income Statement, Balance Sheet and Cash Flow Statement.

1. Income Statement

2. Balance Sheet

3. Statement of Cash Flow

The first statement shows the income earned and loss incurred by the organization in the financial year. It gives a summary of the revenue earned during the accounting period and Expenses incurred during the accounting year. It also shows the net profit or loss made by the organization.

The second Statement shows the balance of assets liabilities and Equity as at the balance sheet date. Assets include Current Assets which are short-term in nature. Long Term Assets are long-term in nature. Liabilities are the obligation of the organization which needs to be paid by the company. Equity includes the amount invested in the business.

The third Statement includes the operating investing and financing activities of the company. This shows how much cash is generated by the operating business activity, investing activity, and financing activity specifically.

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