2 3 4 Comparative Account Listing For the Years Ended December 31 6 Y5 Y4 7...

Transcribed Image Text:

2 3 4 Comparative Account Listing For the Years Ended December 31 6 Y5 Y4 7 8 Cash $ 232,033 $ 9 Accounts Receivable 141,145 56,120 126,314 10 Inventory 74,690 68,941 11 Land 225,000 125,000 12 Building 450,000 450,000 13 Building - Accumulated depreciation 150,000 125,000 14 Equipment 305,000 250,000 15 Equipment - Accumulated depreciation 82,000 75,000 16 Accounts Payable 90,117 84,102 17 Sales Tax Payable 2,984 1,539 18 Long-term Debt 280,000 250,000 19 Common Shares 150,000 100,000 20 Retained Earnings 355,734 60,520 21 Sales Revenue 1,039,262 916,262 22 Gain on sale of equipment 1,067 23 Interest Revenue 10,263 24 Rent Expense 56,963 25,963 25 Wages Expense 26 Advertising Expense 27 Other Expenses 28 Interest Expense 569,631 458,960 22,650 16,559 56,963 36,599 5,696 5,641 29 Income Tax Expense 11,393 2,589 30 TOTALS 31 $ 0 $ 32 REQUIRED 33 In good form - prepare for Y5: 34 35 36 37 Income Statement (single step) Balance Sheet (not classified) Statement of Retained Earnings Statement of Cash Flow (indirect method) 20 ADDITIONAL INFORMATION - For Y5 Equipment was purchased for cash Equipment with a cost of $20,000 and accumulated depreciation of $9,000 was sold Dividends were declared and paid Depreciation expense is included in Other Expenses Land was purchased for cash 2 3 4 Comparative Account Listing For the Years Ended December 31 6 Y5 Y4 7 8 Cash $ 232,033 $ 9 Accounts Receivable 141,145 56,120 126,314 10 Inventory 74,690 68,941 11 Land 225,000 125,000 12 Building 450,000 450,000 13 Building - Accumulated depreciation 150,000 125,000 14 Equipment 305,000 250,000 15 Equipment - Accumulated depreciation 82,000 75,000 16 Accounts Payable 90,117 84,102 17 Sales Tax Payable 2,984 1,539 18 Long-term Debt 280,000 250,000 19 Common Shares 150,000 100,000 20 Retained Earnings 355,734 60,520 21 Sales Revenue 1,039,262 916,262 22 Gain on sale of equipment 1,067 23 Interest Revenue 10,263 24 Rent Expense 56,963 25,963 25 Wages Expense 26 Advertising Expense 27 Other Expenses 28 Interest Expense 569,631 458,960 22,650 16,559 56,963 36,599 5,696 5,641 29 Income Tax Expense 11,393 2,589 30 TOTALS 31 $ 0 $ 32 REQUIRED 33 In good form - prepare for Y5: 34 35 36 37 Income Statement (single step) Balance Sheet (not classified) Statement of Retained Earnings Statement of Cash Flow (indirect method) 20 ADDITIONAL INFORMATION - For Y5 Equipment was purchased for cash Equipment with a cost of $20,000 and accumulated depreciation of $9,000 was sold Dividends were declared and paid Depreciation expense is included in Other Expenses Land was purchased for cash