Prepare a balance sheet from transaction data.

Based on your answers from problem 4.21, prepare an income statement (ignoring income taxes) for kissick co's first year of operations and a balace sheet as of the end of the year.

Answers from 4.21:

Account Titles Debit Credit

Cash $1,000,000

Common Stock $1,000,000

Cash $500,000

Notes Payable $500,000

Salaries Expense $380,000

Cash $380,000

Merchandise Inv $640,000

Accounts Payable $640,000

Accounts Receivable $910,000

Sales $910,000

COGS $580,000

Merchandise Inv $580,000

Rent Expense $110,000

Cash $110,000

Equipment $150,000

Cash $50,000

Accounts Payable $100,000

Accounts Payable $720,000

Cash $720,00

Utilities Expense $36,000

Cash $36,000

Cash $825,000

Accounts Receivable $825,000

Interest Expense $60,000

Interest Payable $60,000

Rent Expense $10,000

Rent Payable $10,000