Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. construct a dec 31 2005 balance sheet and income s

Construct a Dec 31 2005 balance sheet and income statement for RetailBiz E3-2 RetailBiz,...

60.1K

Verified Solution

Question

Finance

image

Construct a Dec 31 2005 balance sheet and income statement for RetailBiz

E3-2 RetailBiz, Inc., is incorporated on December 1,2004. During December, RetailBiz a. Issues common stock to various investors, raising $60,000 cash. b. Buys a parcel of land, paying $5,000 cash. Here is RetailBiz, Inc.'s balance sheet as of December 31, 2004. Retail Biz, Inc. Statement of Financial Position as of December 31, 2004 Cash $55,000Total liabilities $55,000 Total current assets Stockholders' equity Common stock $60,000 -5.000 $60,000 Land Total liabilities & stockholders Total assets equity During 2005: c. RetailBiz receives delivery of 490,000 cans of product, paying $49,000 cash. d. Retail Biz sells all 490,000 cans during 2005. The sellin can, gen- erating $73.500 ( 490,000 $0.1 5) cash. Required: Construct a December 31, 2005 balance sheet and an income statement for the year ended December 31, 2005, for RetailBiz, Inc

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

After suffering a fall while hiking, you find yourself immobile and severely dehydrated. Should you drink...

Biology
Q

Triplicates. Given three lists of N names each, devise a linearithmic algorithm to determine if there...

Programming
Q

Discuss the following statement future prospects of gender inequality will depend on the actions of feminist movement...

Psychology
Q

What are “Rimmed” and “Killed” steels that an engineer should know? Explain them briefly.

Mechanical Engineering
Q

Socialism is based on communal property ownership of communal ownership of labor O the laws...

Biology
Q

Officials begin to release water from a full man made lake at a rate that...

Basic Math
Q

Find a particular solution to the following differential equation Do NOT solve the coefficients y...

Calculus
Q

Suav wants to use a sheet of fiberboard 27 inches long to create a skateboard...

Algebra
Q

The following items were selected from among the transactions completed by ODonnel Co. during the...

Accounting
Q

Skysong, Inc. was opened on August 1 by Joe Skysong. The following selected events and...

Accounting
Q

Present Value of $1.00 John Smith has a credit card that charges 15% annual interest...

Accounting
Q

The Saleemi Corporation's $1,000 bonds pay 11 percent interest annually and have 9 years until...

Finance