Question: Construct the EOY 2019 Income Statement, Balance Sheet, & Stockholder's Equity for ABC Specialty Products, Inc., given the following information: Sales: $300,000 Non-Operating Items: Interest
Construct the EOY 2019 Income Statement, Balance Sheet, & Stockholder's Equity for ABC Specialty Products, Inc., given the following information:
Sales: $300,000 Non-Operating Items: Interest Income $10,000; Gain on sale of investments of $6,000; Interest expense of $6,000 COGS: $150,000 G&A Expenses: Advertising $5,000; Commissions: $10,000; Salaries & Payroll Expenses: $50,000; Insurance: $5,000; Other Operating Expenses: $30,000 Cash on Hand: $80,000; Accts Receivable: $40,000; Inventory: $150,000; Prepaid Expenses: $10,000; Treasury Money Market: $200,000 Goodwill: $50,000; Equipment: $200,000; Less Accumulated Depreciation: $50,000 Accts Payable: $30,000; Wages payable: $10,000; Long term bank note: $160,000 Common Stock: $100,000
Retained Earnings: Figure it out
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