create an income statement and balance sheet and show the closing entries for the company. Mortgage Payable

create an income statement and balance sheet and show the closing entries for the company.

Transcribed Image Text:

Mortgage Payable Common Stock Sales $70,000 $27,000 $95,000 Accrued Expense $25,000 Prepaid Expense $10,000 Building $80,000 $14,000 2 yr Notes Payable Utilities $7,000 Rent $11,000 $9,000 $5,000 Unearned Revenue Depreciation Exp Cost of Goods Sold $45,000 Cash $30,000 Land $35,000 Accounts Payable Accounts Receivable Inventory BOY Ret Earnings Wages Taxes Accum Depreciation Dividends $15,000 $25,000 $ 6,000 $ 8,000 $22,000 $3,000 $20,000 $ 4,000 Mortgage Payable Common Stock Sales $70,000 $27,000 $95,000 Accrued Expense $25,000 Prepaid Expense $10,000 Building $80,000 $14,000 2 yr Notes Payable Utilities $7,000 Rent $11,000 $9,000 $5,000 Unearned Revenue Depreciation Exp Cost of Goods Sold $45,000 Cash $30,000 Land $35,000 Accounts Payable Accounts Receivable Inventory BOY Ret Earnings Wages Taxes Accum Depreciation Dividends $15,000 $25,000 $ 6,000 $ 8,000 $22,000 $3,000 $20,000 $ 4,000

Answer rating: 100% (QA)

INCOME STATEMENT Particulars sales Less cost of goods sold Gross profit Less Expenses Depreciatio... View the full answer