Assume that you are the president of Influence Corporation. At the end of the first year (December
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Question:
Assume that you are the president of Influence Corporation. At the end of the first year (December 31) of operations, the following financial data for the company are available:
Cash | $ 13,150 |
---|---|
Receivables from customers (all considered collectible) | 11,100 |
Inventory of merchandise (based on physical count and priced at cost) | 28,000 |
Equipment owned, at cost less used portion | 67,000 |
Accounts payable owed to suppliers | 31,900 |
Salary payable (on December 31, this was owed to an employee who will be paid on January 10) | 1,600 |
Total sales revenue | 102,000 |
Expenses, including the cost of the merchandise sold (excluding income taxes) | 69,500 |
Income tax expense at 30% × pretax income; all paid during December of the current year | ? |
Common stock at the end of the current year | 63,000 |
No dividends were declared or paid during the current year. The beginning balances in Common Stock and Retained Earnings are zero because it is the first year of operations.
Required:
Prepare a balance sheet at year end.
Related Book For
Financial Accounting
ISBN: 978-1259222139
9th edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
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