Company X had a beginning inventory of 22 units at December 31, 2016, valued at...
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Company X had a beginning inventory of 22 units at December 31, 2016, valued at $811,000 with a 6 month note at 6% may 2020. The company had a number of purchases during the new year equal to $352,000. The ending inventory count indicated 60 units valued at $493,100. Assume Sales for the year were $1,105,000 and the tax rate was 23%. Assume General Administration expenses for the year were $61,000. The company had an external gain of 49,000.
Prepare an income statement in good form for the Company X.
Assume that there are 350,000 COMMON shares outstanding at year-end, 85,000 shares were issued April 15, and 100,000 were issued on September 30. at 14$. the beginning balance was valued at 10$ per share. There were 5,000 preferred shareholders who contributed $2,000,000 to earn 8% per year.
please create a balance sheet and income statement
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