Question & Answer: 13. Given the following information at year end after adjustments Sales Interest Revenue Interest Expense Cost of goods Soid Selling Expense G…..

13. Given the following information at year end after adjustments Sales Interest Revenue Interest Expense Cost of goods Soid Selling Expense General & Adm.Exp Retained Earnings Beg. Bal. 0 Assets - YE Common Stock YE $10,000 $1,000 $2,000 $4,500 $1,500 $2,800 0 $16,000 $1,000 A. Prepare and income statement for the year. B. Prepare a retained earnings statement for the year. C. What is the value of total liabilities at year end? D. Record closing entries E. Calculate - Total Debt/Stockholders Equity

13. Given the following information at year end after adjustments Sales Interest Revenue Interest Expense Cost of goods Soid Selling Expense General & Adm.Exp Retained Earnings Beg. Bal. 0 Assets – YE Common Stock YE $10,000 $1,000 $2,000 $4,500 $1,500 $2,800 0 $16,000 $1,000 A. Prepare and income statement for the year. B. Prepare a retained earnings statement for the year. C. What is the value of total liabilities at year end? D. Record closing entries E. Calculate – Total Debt/Stockholders’ Equity

Expert Answer

 

Don't use plagiarized sources. Get Your Custom Essay on
Question & Answer: 13. Given the following information at year end after adjustments Sales Interest Revenue Interest Expense Cost of goods Soid Selling Expense G…..
GET AN ESSAY WRITTEN FOR YOU FROM AS LOW AS $13/PAGE
Order Essay
A
Income Statement
Sales 10000
Interest Revenue 1000
Total revenues 11000
Expenses:
Cost of goods sold 4500
Selling expense 1500
General and Admin exp. 2800
Total expenses 8800
Net income 2200
B
Retained earnings, Beg. Bal. 0
Add: Net income 2200
Retained earnings, End. Bal. 2200
C
Total liabilities = 16000-1000-2200= 12800
D
Sales 10000
Interest Revenue 1000
       Income Summary 11000
Income Summary 8800
       Cost of goods sold 4500
       Selling expense 1500
       General and Admin exp. 2800
Income Summary 2200
       Retained earnings 2200
E
Total debt/Stockholders’ equity = 12800/3200= 4

Still stressed from student homework?
Get quality assistance from academic writers!