Sales Revenue$60,000 Equipment, net $45,000 36,000 Building, net 120,000 9,000 A

Question

Sales Revenue$60,000 Equipment, net $45,000 36,000 Building, net 120,000 9,000 Accounts Payable 12,000 4 500 Notes Payable 9,000 Accounts Receivable 7,500 Common Stock60,000 9,000 Retained Earnings7 Expenses Dividends Cash Inventory 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 December 31, 2016. of NAPOLEAN CORPORATION Income Statement For Year Ended December 31, 2016 Sales Revenue Net income NAPOLEAN CORPORATION Statement of Stockholders' Equity For Year Ended December 31, 2016 Common Stock Retained Earnings Total

Explanation / Answer

NAPOLEAN CORPORATION INCOME STATEMENT FOR YEAR ENDED DECEMBER 31, 2016 Sales Revenue $60,000 Less : Expenses ($36,000) Net Income $24,000 NAPOLEAN CORPORATION STATEMENT OF STOCKHOLDERS EQUITY FOR YEAR ENDED DECEMBER 31, 2016 Common Stock Retained Earnings Total Balance, January 1, 2016 $60,000 0 $60,000 Add: Net Income 0 $24,000 $24,000 Add : Issuance of common stock 0 0 $0 Less : Dividends Paid 0 ($9,000) ($9,000) Balance, December 31, 2016 $60,000 $15,000 $75,000 NAPOLEAN CORPORATION BALANCE SHEET 31-Dec-16 ASSETS Cash $4,500 Accounts Receivable $7,500 Inventory $9,000 Total Current Assets $21,000 Building, net $120,000 Equipment, net $45,000 Total Fixed Assets $165,000 Total Assets $186,000 LIABILITIES Accounts Payable $12,000 Notes Payable $99,000 Total Liabilities $111,000 STOCKHOLDERS EQUITY Common Stock $60,000 Retained Earnings $15,000 Total Stockholders Equity $75,000 Total Liabilities and Stockholders Equity $186,000

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