Napolean Corporation started business on January 1, 2016. The following information was compiled by Napoleans accountant on
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Question:
Napolean Corporation started business on January 1, 2016. The following information was compiled by Napolean’s accountant on December 31, 2016:
Sales Revenue | $12,000 | Equipment, net | $9,000 | |
Expenses | 7,200 | Building, net | 24,000 | |
Dividends | 1,800 | Accounts Payable | 2,400 | |
Cash | 900 | Notes Payable | 19,800 | |
Accounts Receivable | 1,500 | Common Stock | 12,000 | |
Inventory | 1,800 | Retained Earnings | ? |
Required
You have been asked to assist the accountant for the Napolean Corporation in preparing year-end financial statements. Use the above information to prepare an income statement, statement of stockholders’ equity, and a balance sheet as of December 31, 2016.
Related Book For
Financial Accounting A User Perspective
ISBN: 978-0470676608
6th Canadian Edition
Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry
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