Accounting $1$

Financial Statement Exercise $$ Final Prep Homework

Using the following end of year account balances, create an Income Statement and a Balance Sheet with the proper format and in the proper order.

Wages $$12,000$ Accounts Payable $$37,000$

Rent $$18,000$ Accounts Receivable $$36,000$

Building $$65,000$ Inventory $$32,000$

$2$ yr Notes Payable $$22,000$ BOY Ret Earnings $$34,000$

Returns $ $6,000$ Depreciation $ $8,000$

PIC $-$ Common $$15,000$ Sales Discounts $ $1,000$

Prepaid Expenses $$12,000$ Gains $$14,000$

Interest Expense $ $9,000$ Accum Depreciation $$28,000$

Bad Debts Exp $$13,000$ Dividends $ $3,000$

Mortgage $$55,000$ Cost of Goods Sold $$25,000$

Common Stock $ $1,000$ Sales $$99,000$

Unearned Revenue $$14,000$ Supplies $$8,000$

Cash $$47,000$ Land $$29,000$

Taxes $ $2,000$ AFDA $ $6,000$

Accrued Expenses $$11,000$ Advertising $$10,000$