create a income statement and balance sheet

 

1-Jan	D		C
Cash	5,000,000
common stock $1 par			1,000,000
APIC Common			4,000,000
Land	1,020,000
Building	1,700,000
Equipment	680,000
Cash			3,400,000
Right to use asset	488,965
lease liability			488,965
lease expense	100,000
right to use asset			100,000
Inventory	900,000
accounts payble			900,000
A/R	1,200,000
Sales revenue			1,200,000
COGS	720,000
Inventory			720,000
Accounts payable	620,000
cash			620,000
cash	950,000
accounts receivable			950,000
cash	1,750,756
Discount of B. Payable	$249,244
Bonds Payable			$2,000,000
Inv in IBM Available for sale	$45,000
cash			45,000
Inv in ABC equity	300,000
cash			$300,000
Depreciation Expense	213,494
acc-depreciation building			64000
acc-depreciation equipment			68000
acc-depreciation lease			81494
Inerest expense	$87,538
Discount on Bonds Payable			$7,538
Cash			$80,000
Cash	$2,300
Dividend income			$2,300
Available for sale securities	$3,000
Unrealized gain/loss other			$3,000
Cash	$11,250
Investment in ABC			$11,250
Investment in ABC	$60,000
Investment Income			$60,000

Answer rating: 100% (QA)

Income Statement Revenue Amount Sales revenue 1200000 Dividend income 2300 Investment income 60000 T... View the full answer