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17 August, 15:07

Use the following information available as of December 31 to prepare an income statement for the year and a balance sheet for Goldie Company. Fees for services performed during the year, $125,000 Accounts payable, $17,700 Accounts receivable, $18,100 Miscellaneous expenses for the year, $8,800 Supplies on hand, $3,600 Notes payable, $27,000 Interest expense on the note for the year, $3,000 Equipment, $93,100 Cash on hand, $11,400 Salaries expense for the year, $71,200 Supplies expense for the year, $8,700 Rent expense for the year, $11,700 Common stock that has been issued, $53,000 Retained earnings at the end of the year, $28,500

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  1. 17 August, 16:06
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    Income Statement

    Revenues 125,000

    misc expense 8,800

    interest expense 3,000

    salaries expense 71,200

    supplies expense 8,700

    rent expense 11, 700

    total expense 103,400

    Net Income 21,600

    Balance Sheet

    Assets Liabilities

    Cash 11,400 Account Payable 17,700

    Accoun Receivable 18,100 Note Payable 27,000

    Supplies 3,600 Total Liabilities 44,700

    Current Asets 33,100 Equity

    Common Stock 53,000

    RE 28,500

    Equipment 93,100 Total Equity 81,500

    Total Assets 126,200 Total Liab + SE 126,200

    Explanation:

    Income statement:

    revenues - expense

    Balance Sheet:

    Assets on the left side, liabilities and equity in the right side

    It should match total assets with total liab and SE
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