ACCOUNTS PAYABLE $ 52,000.00 ACCOUNTS RECEIVABLE $ 57,500.00 ADVERTISING $ 5,000
ID: 2505203 • Letter: A
Question
ACCOUNTS PAYABLE $ 52,000.00
ACCOUNTS RECEIVABLE $ 57,500.00
ADVERTISING $ 5,000.00
BANK CHARGES $ 1,200.00
CASH & CASH EQUIVALENTS $ 85,000.00
OWNER'S EQUITY $ 76,600.00
COST OF GOODS SOLD $ 1,775,000.00
GROSS PROFIT $ 1,725,000.00
INCOME TAX PAYABLE $ 50,000.00
INSURANCE EXPENSE $ 15,000.00
INTEREST EARNED $ 1,200.00
INTEREST PAYABLE $ 2,400.00
INVENTORY $ 425,000.00
LEGAL $ 7,500.00
LESS ACCUMULATED DEPRECIATION $ (375,000.00)
LONG TERM LIABILITIES $ 260,000.00
OTHER ACCRUED EXPENSES PAYABLE $ 12,500.00
PREPAID INSURANCE $ 6,000.00
PRINTING & REPRODUCTION $ 40,000.00
PROPERTY, PLANT & EQUIPMENT $ 1,550,000.00
RENT $ 120,000.00
RETAINED EARNINGS $ 1,235,000.00
SALARIES AND WAGES $ 300,000.00
SALES $ 3,500,000.00
TELEPHONE $ 2,500.00
TOTAL CURRENT ASSETS $ 573,500.00
WAGES PAYABLE $ 60,000.00
Supposed to find income statement and balance sheet but my Liabilities + OE are not equal to my assets, I seem to have miscalculated or made a mistake, please provide the correct way to do it.
Explanation / Answer
PROPERTY, PLANT & EQUIPMENT
1,550,000.00
LESS ACCUMULATED DEPRECIATION
-375,000.00
Fixed Assets
1,175,000.00
TOTAL CURRENT ASSETS
573,500.00
Total Assets
1,748,500.00
ACCOUNTS PAYABLE
52,000.00
INTEREST PAYABLE
2,400.00
OTHER ACCRUED EXPENSES PAYABLE
12,500.00
WAGES PAYABLE
60,000.00
Income Tax Payable
50,000.00
Current Liabilities
176,900.00
LONG TERM LIABILITIES
260,000.00
Total Liabilities
436,900.00
Total StockHolder's Equity
OWNER'S EQUITY
76,600.00
RETAINED EARNINGS
1,235,000.00
Total StockHolder's Equity
1,311,600.00
Total Liability + Stockholder's Equity
1,748,500.00
PROPERTY, PLANT & EQUIPMENT
1,550,000.00
LESS ACCUMULATED DEPRECIATION
-375,000.00
Fixed Assets
1,175,000.00
TOTAL CURRENT ASSETS
573,500.00
Total Assets
1,748,500.00
ACCOUNTS PAYABLE
52,000.00
INTEREST PAYABLE
2,400.00
OTHER ACCRUED EXPENSES PAYABLE
12,500.00
WAGES PAYABLE
60,000.00
Income Tax Payable
50,000.00
Current Liabilities
176,900.00
LONG TERM LIABILITIES
260,000.00
Total Liabilities
436,900.00
Total StockHolder's Equity
OWNER'S EQUITY
76,600.00
RETAINED EARNINGS
1,235,000.00
Total StockHolder's Equity
1,311,600.00
Total Liability + Stockholder's Equity
1,748,500.00
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