The following data, expressed as $10 4 , are the closed ledger accounts showing assets, liabilities, income,
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- The following data, expressed as $104, are the closed ledger accounts showing assets, liabilities, income, and expenses of Blue River Fabricators, Inc., a family owned firm that does not declare dividends. Generate an income statement and balance sheet for the year.
Account Title | $104 | Account Title | $104 |
Cash in bank | 1560 | Office expense | 200 |
Project income | 3000 | Manufacturing fixture owned | 1000 |
Interest income, owned securities | 100 | Account payable | 1400 |
Rental income | 600 | Interest expense on bank loan | 50 |
Salary and wage expense | 2400 | Receivable from contracts | 1800 |
Bank loan | 2000 | Equipment owned | 800 |
Capital stock | 8300 | Materials expense | 150 |
Retained earnings, January 1 | 1700 | Buildings owned | 5000 |
Securities owned | 4000 | Taxes, all kind | 140 |
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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