I need Income Statement and Balance Sheet 181 Below is not homework unless assig

Question

I need Income Statement and Balance Sheet

181 Below is not homework unless assigned by your instructor The following data is for Laurel's Lassos, inc.: Balance 12/31/16 Balance 1231/17 18,900 50,000 5,000 90,000 2.600 290,000 20,000 71,900 90,000 12,000 50,000 3.600 340,000 80,000 140,000 12,000 35,000 6,000 8,000 6.500 10,000 130.000 300,000 120,000 1,200,000 700,000 220,000 48,000 46,000 60,000 15,000 6,000 14,500 27,150 Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Insurance Equipment Accumulated Depreciation Land 10,000 30,000 10,000 4,000 7,500 5,000 160,000 150,000 70,000 Security Deposits Accounts Payable Wages Payable Rent Payable Interest Payable Taxes Payable Note Payable Common Stock (S1 each) Retained Earnings Sales Cost of Goods Sold Wage Expense Rent Expense Office Expenses Depreciation Expense Bad Debt Expense Insurance Expense Interest Expense Income Tax Expense The land was acquired on June 30, 2017 by exchanging 60,000 shares of common stock worth $60,000 and cash for the balance of the purchase price. purchase of the land) was sold on October 31, 2017 for $1 per share. The company did not sell any The additional common stock (other than that issued for the ipment during the year. All equipment purchased during the year was purchased for cash. The balance in retained earnings for each year is after all closing entries have been made. The Note Payable requires payments of $30,000 principal plus interest at 10% on June 30 of each year.

Explanation / Answer

LAUREL'S LASSOS, INC. Income Statement For the Year Ended December 31, 2017 Sales Revenue 1200000 Cost of goods sold 700000 Gross profit 500000 Less: Operating expenses Wage expense 220000 Rent expense 48000 Office expense 46000 Depreciation expense 60000 Bad debt expense 15000 Insurance expense 6000 Total operating expenses 395000 Income before interest and income taxes 105000 Interest expense 14500 Income before income taxes 90500 Income tax expense 27150 Net income $ 63350 LAUREL'S LASSOS, INC. Balance Sheet As of December 31 2017 2016 Assets Current assets Cash 71900 18900 Accounts receivable 90000 50000 Allowance for doubtful accounts -12000 -5000 Accounts receivable, net 78000 45000 Inventory 50000 90000 Prepaid insurance 3600 2600 Total current assets 203500 156500 Property, Plant, and equipment Equipment 340000 290000 Accumulated depreciation -80000 -20000 Equipment, net 260000 270000 Land 140000 0 Total property, plant, and equipment 400000 270000 Other Assets Security deposits 12000 10000 Total assets 615500 436500 Liabilities and Stockholders' Equity Current liabilities Accounts payable 35000 30000 Wages payable 6000 10000 Rent payable 8000 4000 Interest payable 6500 7500 Taxes payable 10000 5000 Total current liabilities 65500 56500 Long-term liabilities Note payable 130000 160000 Total liabilities 195500 216500 Stockholders' equity Common stock 300000 150000 Retained earnings 120000 70000 Total Stockholders' equity 420000 220000 Total Liabilities and Stockholders' Equity 615500 436500

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