FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Movit Manufacturing has the following alphabetized income statement and balance sheet entries from the year 2016. Construct an income statement and a balance sheet from the information given. Accounts payable Accounts receivable Accrued wages Cash Common shares Contributed capital Cost of goods sold Current assets Current liabilities Deferred income taxes Depreciation expense General expense GICS Income taxes Interest expense Inventories Land Less: Accumulated depreciation Long-term assets Long-term bonds Long-term liabilities Mortgage Net income after taxes Net income before taxes Net plant and equipment Net sales Operating expenses Owners' equity Prepaid expenses Selling expenses Total assets Total current assets Total current liabilities Total expenses Total liabilities and owners' equity Total long-term assets Total long-term liabilities Total owners' equity Working capital loan $7 500 15 000 2850 2100 150 3000 57 000 2250 750 8100 450 1800 1500 18 000 3000 10 950 4350 9450 2700 4500 7500 76 500 450 4650 46 500 36 000 15 000 15 000 46 500 10 500 16 050 15 450 4650
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Transcribed Image Text:Movit Manufacturing has the following alphabetized income statement and balance sheet entries from the year 2016. Construct an income statement and a balance sheet from the information given. Accounts payable Accounts receivable Accrued wages Cash Common shares Contributed capital Cost of goods sold Current assets Current liabilities Deferred income taxes Depreciation expense General expense GICS Income taxes Interest expense Inventories Land Less: Accumulated depreciation Long-term assets Long-term bonds Long-term liabilities Mortgage Net income after taxes Net income before taxes Net plant and equipment Net sales Operating expenses Owners' equity Prepaid expenses Selling expenses Total assets Total current assets Total current liabilities Total expenses Total liabilities and owners' equity Total long-term assets Total long-term liabilities Total owners' equity Working capital loan $7 500 15 000 2850 2100 150 3000 57 000 2250 750 8100 450 1800 1500 18 000 3000 10 950 4350 9450 2700 4500 7500 76 500 450 4650 46 500 36 000 15 000 15 000 46 500 10 500 16 050 15 450 4650
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