I need a classified balance sheet as of December 31,2016 and income statement fr

Question

I need a classified balance sheet as of December 31,2016 and income statement from this trial balance Your Company Accounts payable 300 00050000 for dowbefui Bonds payable-e in 10 yeans stock, no pr 400,000 6,000 300,000 50,000 120,000 Note payable due 12-31-2018 100,000 Notes receivable (due one month) Patent- net 60,000 50,000 30,000 3,100,000 Prepaid expenses Purchases Salaries payable Sales 256,000 40,000 3,700,000 Sales expenses 200,000 5,646,000 5,646,000 te: ear ending inventory was e income tax rate is 350,000 30% tions: re a classified balance sheet as of 12-31-2016 e an income statement for calendar year 2016

Explanation / Answer

Income Statement

For the year ending December 31, 2016

Balance Sheet

December 31, 2016

$ $ Sales 3,700,000 Cost of Goods Sold Beginning Inventory 300,000 Purchases 3,100,000 Ending Inventory (350,000) 3,050,000 Gross Profit 650,000 Selling and Administrative Expenses Sales Expenses 200,000 Administrative Expenses 400,000 600,000 Operating Income 50,000 Income Tax Expense ( 30 % ) 15,000 Net Income 35,000

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