Dickens Corp.s fiscal year ends on December 31. It started fiscal year 20X6 with $4,800 retained earnings.
Question:
Cash | $3,810 |
Depreciation expense | $1,005 |
Accumulated depreciation-property, plant, & equipment | $2,010 |
Accounts receivable | $2,430 |
Inventory | $2,901 |
Dividends | $975 |
Salaries and wages expense | $2,100 |
Income tax payable | $404 |
Short-term investment | $3,600 |
Accounts payable | $2,502 |
Property, plant, & equipment | $7,260 |
Salaries and wages payable | $667 |
Land | $9,300 |
Interest expense | $1,200 |
Mortgage payable | $10,500 |
Cost of goods sold | $3,180 |
Insurance expense | $630 |
Prepaid insurance | $180 |
Notes payable | $183 |
Sales Revenue | $15,300 |
Common stock | $2,700 |
Income tax expense | $495 |
Prepare the following financial statements for Dickens Corp. Ensure you include appropriate headings and statements are in good form.
1) Income statement for the year ended December 31, 20X6.
2) Retained earnings statement for the year ended December 31, 20X6.
3) Classified balance sheet as of December 31, 20X6.
Financial Accounting
ISBN: 978-1259103285
5th Canadian edition
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M