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1)Prepare an ending 2014 Income Statement and Balance Sheet from the following information: Sales $800,000; Cost...

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Finance

1)Prepare an ending 2014 Income Statement and Balance Sheet fromthe following information: Sales $800,000; Cost of Goods Sold$300,000; Accounts Receivables $20,000; Bonds Outstanding $160,000;Accounts Payable $20,000; Advertising Expense $1,000;Administrative Expenses $35,000; Interest Expense $24,000;Depreciation Expense $40,000; Dividends Paid $137,000; Rent Expense$5,000; Accruals $20,000; Common Stock $100,000; Retained Earnings$245,000 (Beginning 0f 2014); Cash $20,000; Inventory $45,000; NetFixed Assets $600,000 (Beginning of 2014). (Assume a 40% TaxRate)

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Income Sstatement
Sales 800000
Less: Cost of goods sold 300000
Gross Profit 500000
Less: expenses
Advertising expense 1000
Admin expense 35000
Interest expens 24000
Depreciation expenses 40000
Rent expenses 5000
Income before tax 395000
Less: tax @ 40% 158000
After tax Income 237000
Statement of RE:
Beginning balance 245000
Add: Net Income 237000
Sub-total 482000
Less: Dividend 137000
Ending balance of RE 345000
Balance Sheet:
Assets:
Current assets:
Cash 20000
Accounts receivable 20000
Inventory 45000
Total Current assets 85000
Fixed assets 560000 (600000-40000)
Total Assets 645000
Liabilities and Equity:
Liabilities:
Accounts payable 20000
Accruals 20000
Bonds Payable 160000
Total liabilities 200000
Stockholder's equity:
Common Stock 100000
Retained earnings 345000
Total Stockholder's equity 445000
Total Liabilities and Equity 645000

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1)Prepare an ending 2014 Income Statement and Balance Sheet fromthe following information: Sales $800,000; Cost of Goods Sold$300,000; Accounts Receivables $20,000; Bonds Outstanding $160,000;Accounts Payable $20,000; Advertising Expense $1,000;Administrative Expenses $35,000; Interest Expense $24,000;Depreciation Expense $40,000; Dividends Paid $137,000; Rent Expense$5,000; Accruals $20,000; Common Stock $100,000; Retained Earnings$245,000 (Beginning 0f 2014); Cash $20,000; Inventory $45,000; NetFixed Assets $600,000 (Beginning of 2014). (Assume a 40% TaxRate)

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