Question: Can you please address the following question? Based on the following financial information, construct the balance sheet and income statement for Tonka Trucking LLC for
Can you please address the following question?
Based on the following financial information, construct the balance sheet and income statement for Tonka Trucking LLC for the year ending December 31, 2019.
Here's the provided variables:
Accounts Receivable: $40,000
Depreciation Expense: $50,000
Accumulated Depreciation: $200,000
Cost of Goods Sold: $50,000
Income Tax Expense: $50,000
Cash: $50,000
Sales Revenue: $400,000
Equipment (Net of Accumulation): $200,000
Selling, General, and Administrative Expenses (SG&A): $100,000
Common Stock (1,000 shares): $100,000 ($100 par)
Accounts Payable: $50,000
Retained Earnings: $200,000
Interest Expense: $50,000
Inventory: $10,000
Long-term Debt: $50,000
I hoping to get a verification of my work.
Thanks!
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