PROBLEMS P1. Use the following accounts and information to prepare, in good form

Question

PROBLEMS P1. Use the following accounts and information to prepare, in good form, an income statement, statement of retained earnings, and balance sheet for Park Enterprises for the year ended December 31, 20xx. (43 pts) Accounts Payable Accounts Receivable Buildings 800 600 52,000 26,200 37,100 0,000 3,000 as Sales Common Stock Dividends Insurance Expense i,000 Land Notes Payable Rent Expense Retained Earnings, 1/1 84,400 Salaries Expense 8.400 Supplies Inventory 400 Sales Returns 39,000 3.600 100 18,000

Explanation / Answer

P1.

Per Chegg guidelines, please post independent questions separately. Thank you.

Park Enterpries Income Statement For the Year Ended December 31, 20xx Sales 37100 Less: Sales returns 100 Net sales 37000 Cost of good sold 18000 Gross profit 19000 Operating expenses: Salaries expense 8400 Rent expense 3600 Insurance expense 1000 Total operating expense 13000 Net operating income 6000

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