Please finish the following statement for XYZ Company. Thank you. First Name Las
ID: 2409907 • Letter: P
Question
Please finish the following statement for XYZ Company. Thank you.
First Name Last Name Student ID You have prepared the trail balance for XYZ Company after you finished the adjusting entries. Here are the information of equities this year. A. The beginning balance of common stock was $ 100,000. Other part of the equity account were $0. B. On March 2, Issue 1,000 shares of $1 par value common stock at $20/share to obtain additional funding. C. On March 8, Issue 1,500 shares of $2 par value preferred stock at $30/share E. On May 20, Reissue 300 shares of treasury stock at $30/share. F. On December 31, declare a $5,600 cash dividend to be paid Jan 15th, 2019 Please finish the following the statement for XYZ Company. 1. Income Statement 2. Statement of Stockholder's Equity 3. Post Closing entry Trail Balance 4. Balance SheetExplanation / Answer
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XYZ COMPANY Income Statement for the year ending December 31, 2018 Sales revenue 35000 Sales Discount -100 Sales Revenue -500 Net sales Revenue 34400 Service Revenue 16700 Total Revenue 51100 Expenses Cost of goods sold 21000 Rent Expense 3000 Supplies Expense 450 Depreciation Expense 325 Salaries Expense 3400 Utilities Expense 900 Bad Debt Expense 525 Amortization Expense 111 Total Expenses 29711 Operating Income 21389 Other Items Interest Revenue 167 Interest Expense -1141 Loss on sale of equipment -800 Total other items -1774 Net Income 19615