The following list of accounts is from the general ledger of Mantzke Company. Prepare an income statement,
Question:
The following list of accounts is from the general ledger of Mantzke Company. Prepare an income statement, the retained earnings portion of the statement of shareholders’ equity, and a balance sheet for the fiscal year ended December 31, 2010. Ignore income taxes.
Cash ……………………………………………………………………….. $ 234,000
Sales ……………………………………………………………………… 16,600,000
Marketable Securities (trading) …………………………………………….. 306,000
Cost of Goods Sold ……………………………………………………….. 10,200,000
Investment in Ford Motor Company Bonds ………………………………… 558,000
Investment in General Motors Company Common Stock ………………….. 664,000
Notes Payable, due in 120 days ……………………………………………….. 180,000
Accounts Payable………………………………………………………………. 950,000
Selling and Administrative Expenses ………………………………………. 5,800,000
Interest Revenue ……………………………………………………………….. 74,560
Land ………………………………………………………………………….. 620,000
Buildings …………………………………………………………………… 2,080,000
Dividends Payable …………………………………………………………… 320,000
Dividend Revenue …………………………………………………………….. 61,440
Accrued Liabilities …………………………………………………………… 172,000
Accounts Receivable …………………………………………………………. 870,000
Accumulated Depreciation, Buildings ……………………………………….. 304,000
Allowance for Uncollectible Accounts ……………………………………….. 50,000
Interest Expense ………………………………………………………………. 422,000
Inventory ……………………………………………………………………. 1,194,000
Gain on Sale of Equipment …………………………………………………….. 160,000
Prior Period Adjustment of Underreported Expenses (net of tax of $ 84,000) … 196,000
Long- Term Notes Payable…………………………………………………….. 1,800,000
Discount on Notes Payable ………………………………………………………. 20,000
Equipment ……………………………………………………………………. 1,200,000
Bonds Payable ………………………………………………………………. 2,200,000
Premium on Bonds Payable ……………………………………………………. 45,000
Accumulated Depreciation, Equipment ………………………………………… 80,000
Copyrights and Patents ……………………………………………………….. 675,000
Treasury Stock ………………………………………………………………… 382,000
Retained Earnings (January 1, 2008) …………………………………………. 404,000
Preferred Stock ………………………………………………………………. 800,000
Common Stock …………………………………………………………….. 1,180,000
Additional Paid- in Capital ………………………………………………….. 160,000
Prepaid Assets ……………………………………………………………….. 120,000
Common StockCommon stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Step by Step Answer:
Mantzke Company Income Statement For the Year Ended December 31 2015 Sales 16600000 Cost of Goods Sold 10200000 Gross Margin 6400000 Selling and Administrative Expenses 5800000 Operating Income 600000 ...View the full answer
Introduction to Accounting An Integrated Approach
ISBN: 978-0078136603
6th edition
Authors: Penne Ainsworth, Dan Deines
