One of our client companies, EA Community Laundry Chain, asked us for a consultation on their company's
Question:
One of our client companies, EA Community Laundry Chain, asked us for a consultation on their company's operations. Based on the accounting information provided by them, please use your professional knowledge to assist them in the preparation of five financial statements based on the information below (Income statement, financial position statement, retained earnings statement, comprehensive income statement, cash flow statement).
Sales revenue: $555,080
Cost of goods sold: $210,000
Financing Costs: $10,000
Selling and administrative expenses: $75,000
Gain on sale of plant assets: $45,000
Unrealized gain on non-trading securities: $15,000
Loss on discontinued operations: $20,000
Dividends declared and paid: $50,400
Allocation to non-controlling interest: $60,000
Equipment: $40,000
Interest payable: $600
Land: $157,320
Inventory: $102,000
Bonds payable: $78,000
Notes payable (due in 5 months): $24,400
Buildings: $80,400
Share capital: $60,000
Accumulated depreciation-equipment: $10,000
Prepaid advertising: $5,000
Supplies: $1860
Taxes payable: $3000
Cash: $???(Need to be confirmed in the Financial Position Statement)
Salaries and wages payable: $900
Accumulated depreciation-buildings: $15,000
Please prepare five financial statements based on the data provided by Pizza Mr. Park, Inc