Prepare an income statement, statement of owners equity and balance sheet for Gr

Question

Prepare an income statement, statement of owners equity and balance sheet for Green Day Co. as of 12-31
Sales 7,500,000.00
Salary Expense 450,000.00
Cash 700,000.00
Accts Receivable 500,000.00
Equipment  420,000.00
Accumulated
Depreciation Equipment  60,000.00
Building 620,000.00
Mortgage Payable 360,000.00
Drawing 50,000.00
Advertising Expense 1,400,000.00
Rent Expense 350,000.00
Accumulated
Depreciation Building  90,000.00
Accts Payable 200,000.00
Note Payable ?
Capital 1/1 900,000.00
Cost of Mdse Sold 4,600,000.00
Prepaid Rent 80,000.00
Supplies 50,000.00
Land 200,000.00
Depreciation Expense 20,000.00
Supply Expense 100,000.00
Sales Returns, Allowance 37,500.00
Sales Discounts 75,000.00

Explanation / Answer

Green Day Income Statement Sales $      75,00,000.00 Less: Sales Return and Allowances $         -37,500.00 Less: Sales Discounts $         -75,000.00 Net Sales $      73,87,500.00 Cost of Goods Sold $    -46,00,000.00 Gross Profit $   27,87,500.00 Operating Expenses: Rent Expenses $   3,50,000.00 Salary Expenses $   4,50,000.00 Advertising Expenses $ 14,00,000.00 Supply Expenses $   1,00,000.00 Depreciation Expense $      20,000.00 Total Operating Expenses $ -23,20,000.00 Operating Income $     4,67,500.00 Other Incomes/Expenses: $                       -   Net Other Incomes/Expenses: $                       -   Net Income $     4,67,500.00

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