construct the following financial statements on each sheets provided- income statement statement of changes in equity statement of cash flow statement of financial position using the following accounts information: Inventory - 570,000 Accounts Receivable - 118,800 Accounts Payable - 22,000 Loans Receivable - 48,000 Allowance for Doubtful Accounts - 9,000 Interest Receivable - 2,800 Common Stock - 720,000 Credit Sales - 660,000 Cash Sales - 240,000 Cost of Goods Sold - 540,000 Interest Income - 2,800 Selling and Admin Expense - 134,000 Bad Debts Expense - 6,200 Retained Earnings - 222,600 Collection of Receivables - 706,000 Loan Granted - 48,000 Current Liabilities Paid - 540,000 Beginning Cash - 118,000
construct the following financial statements on each sheets provided- income statement statement of changes in equity statement of cash flow statement of financial position using the following accounts information: Inventory - 570,000 Accounts Receivable - 118,800 Accounts Payable - 22,000 Loans Receivable - 48,000 Allowance for Doubtful Accounts - 9,000 Interest Receivable - 2,800 Common Stock - 720,000 Credit Sales - 660,000 Cash Sales - 240,000 Cost of Goods Sold - 540,000 Interest Income - 2,800 Selling and Admin Expense - 134,000 Bad Debts Expense - 6,200 Retained Earnings - 222,600 Collection of Receivables - 706,000 Loan Granted - 48,000 Current Liabilities Paid - 540,000 Beginning Cash - 118,000
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 13MCQ
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Question
construct the following financial statements on each sheets provided-
- income statement
- statement of changes in equity
- statement of cash flow
statement of financial position
using the following accounts information:
Inventory - 570,000
Accounts Receivable - 118,800
Accounts Payable - 22,000
Loans Receivable - 48,000
Allowance for Doubtful Accounts - 9,000
Interest Receivable - 2,800
Common Stock - 720,000
Credit Sales - 660,000
Cash Sales - 240,000
Cost of Goods Sold - 540,000
Interest Income - 2,800
Selling and Admin Expense - 134,000
Retained Earnings - 222,600
Collection of Receivables - 706,000
Loan Granted - 48,000
Current Liabilities Paid - 540,000
Beginning Cash - 118,000
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