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he following account balances were determined for yellow pad company as of December 31, 2021. Prepare an income statement, statement of owners, equity, and a balance sheet for yellow pad company as of December 31, 2021.

he following account balances were determined for yellow pad company as of December 31, 2021. Prepare an income statement, statement of owners, equity, and a balance sheet for yellow pad company as of December 31, 2021.

FINANCIAL ACCOUNTING
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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The following account balances were determined for yellow pad company as of December 31, 2021. Prepare an income statement, statement of owners, equity, and a balance sheet for yellow pad company as of December 31, 2021.
Home Insert Draw Page Layout 0. Paste A2 Excel File Edit View Insert Format Tools Data ● AutoSave OFF THEY C 36 37 38 Revenues: 39 Sales Revenue 40 Cost of Goods Sold 41 Gross Profit 42 54 X 48 Utilities Expense 49 Repairs Expense 43 Operating Expenses: 44 Wages Expense 45 Supplies Expense 46 Delivery Expense 47 Entertainment Expense 60 61 62 63 # 50 Maintenance Expense 51 Depreciation Expense 52 Total Expenses 53 Net Income 64 55 56 Gross Profit %- 65 10 Owner's Withdrawals 81 32 Required: Prepare an Income Statement, a Statement of Owners Equity 33 and a Balance Sheet for Yellow Pad Company as of December 31, 2021 34 35 66 67 57 Profit Margin Ration 58 59 68 69 70 71 x ✓ fx Times New Roman ✓12 B IU HH ✓ V 44 Ready esc A Info ! 1 V Accessibility: Investigate F1 Income Statement O == B Yellow Pad Company Income Statement Year Ended December 31, 2021 @ 2 1. A V 5 V F2 Formulas Data Review View Automate Tell me B WAZ A A ... $45,000 OE & Balance sheet #3 20 F3 == E 三三五 L C + Window Help $ 4 900 000 F4 D D + Beginning Capital Net Income Withdrawals Increase in Capital Ending Capital Assets: Total Assets Liabilities Debt Ratio JUN 15 Wrap Text v Merge & Center v Merge Total Liabilities Owners Equity Owners Capital Total Liabilities & Owners Equity % 5 F5 e T ^ YellowPadCoFinStat 6 Yellow Pad Company Balance Sheet Year Ended December 31, 2021 F6 General $%900 Yellow Pad Company Statement of Owners Equity Year Ended December 31, 2021 Y #DIV/0! A & 7 Ja F7 .00 0 $0 * 8 v U DII FB Conditional F Formatting as F 6 G ( - 9 w F
Transcribed Image Text:Home Insert Draw Page Layout 0. Paste A2 Excel File Edit View Insert Format Tools Data ● AutoSave OFF THEY C 36 37 38 Revenues: 39 Sales Revenue 40 Cost of Goods Sold 41 Gross Profit 42 54 X 48 Utilities Expense 49 Repairs Expense 43 Operating Expenses: 44 Wages Expense 45 Supplies Expense 46 Delivery Expense 47 Entertainment Expense 60 61 62 63 # 50 Maintenance Expense 51 Depreciation Expense 52 Total Expenses 53 Net Income 64 55 56 Gross Profit %- 65 10 Owner's Withdrawals 81 32 Required: Prepare an Income Statement, a Statement of Owners Equity 33 and a Balance Sheet for Yellow Pad Company as of December 31, 2021 34 35 66 67 57 Profit Margin Ration 58 59 68 69 70 71 x ✓ fx Times New Roman ✓12 B IU HH ✓ V 44 Ready esc A Info ! 1 V Accessibility: Investigate F1 Income Statement O == B Yellow Pad Company Income Statement Year Ended December 31, 2021 @ 2 1. A V 5 V F2 Formulas Data Review View Automate Tell me B WAZ A A ... $45,000 OE & Balance sheet #3 20 F3 == E 三三五 L C + Window Help $ 4 900 000 F4 D D + Beginning Capital Net Income Withdrawals Increase in Capital Ending Capital Assets: Total Assets Liabilities Debt Ratio JUN 15 Wrap Text v Merge & Center v Merge Total Liabilities Owners Equity Owners Capital Total Liabilities & Owners Equity % 5 F5 e T ^ YellowPadCoFinStat 6 Yellow Pad Company Balance Sheet Year Ended December 31, 2021 F6 General $%900 Yellow Pad Company Statement of Owners Equity Year Ended December 31, 2021 Y #DIV/0! A & 7 Ja F7 .00 0 $0 * 8 v U DII FB Conditional F Formatting as F 6 G ( - 9 w F
Paste A2 P -xv fx Revenue & Expense: Sales Revenue Cost of Goods Sold A 1 Financial Statement Demo 2 3 The following account balances were determined for Yellow Pad Company as of December 31, 2021 4 5 6 7 8 9 Wages Expense 10 Supplies Expense 11 Delivery Expense 12 Entertainment Expense 13 Utilities Expense 14 Repairs Expense 15 Maintenance Expense 16 Depreciation Expense 17 Assets: BIUV 18 Cash 19 Accounts Receivable 20 Prepaid Rent 21 Land 22 Building 23 Machinery 24 Liabilities Ready 1. Av Yellow Pad Company Income Statement Year Ended December 31, 2021 Income Statement 25 Accounts Payable 26 Income Tax Payable 27 Note Payable 28 Equity 29 Owner's Capital 30 Owner's Withdrawals 31 32 Required: Prepare an Income Statement, a Statement of Owners Equity and a Balance Sheet for Yellow Pad Company as of December 31, 2021 33 34 35 36 37 38 Revenues: 39 Sales Revenue 40 Cost of Goods Sold 41 Gross Profit 42 43 Onerating Exnenses: A Info Accessibility: Investigate B $950,000 $380,000 $82,000 $14,000 $30,000 $42,000 $65,000 $11,500 $4,000 $52,000 $180,000 $95,000 $24,000 $20,000 $280,000 $145,000 $240,000 $112,000 $167,500 $0 $45,000 OE & Balance sheet 三三三 + C I E
Transcribed Image Text:Paste A2 P -xv fx Revenue & Expense: Sales Revenue Cost of Goods Sold A 1 Financial Statement Demo 2 3 The following account balances were determined for Yellow Pad Company as of December 31, 2021 4 5 6 7 8 9 Wages Expense 10 Supplies Expense 11 Delivery Expense 12 Entertainment Expense 13 Utilities Expense 14 Repairs Expense 15 Maintenance Expense 16 Depreciation Expense 17 Assets: BIUV 18 Cash 19 Accounts Receivable 20 Prepaid Rent 21 Land 22 Building 23 Machinery 24 Liabilities Ready 1. Av Yellow Pad Company Income Statement Year Ended December 31, 2021 Income Statement 25 Accounts Payable 26 Income Tax Payable 27 Note Payable 28 Equity 29 Owner's Capital 30 Owner's Withdrawals 31 32 Required: Prepare an Income Statement, a Statement of Owners Equity and a Balance Sheet for Yellow Pad Company as of December 31, 2021 33 34 35 36 37 38 Revenues: 39 Sales Revenue 40 Cost of Goods Sold 41 Gross Profit 42 43 Onerating Exnenses: A Info Accessibility: Investigate B $950,000 $380,000 $82,000 $14,000 $30,000 $42,000 $65,000 $11,500 $4,000 $52,000 $180,000 $95,000 $24,000 $20,000 $280,000 $145,000 $240,000 $112,000 $167,500 $0 $45,000 OE & Balance sheet 三三三 + C I E
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