Need help with a balance sheet as of Dec 2009 for Schneider Consulting Inc. cash

ID: 2504029 • Letter: N

Question

Need help with a balance sheet as of Dec 2009 for Schneider Consulting Inc.

cash debit credit

$24,000

Accounts Rec 71,000

Interest Rec 1,000

inventory 125,000

prepaid Insurance 6,000

Equipment 252,000

Depreciation Equip $41,000

Accounts Pay 27,000

interest Pay 4,000

income tax pay 57,000

notes pay (long term) 90,000

Common stock 35,000

retained Earnings 71,000

Dividends 10,000

Consulting Fees Revenue 460,000

Interest Revenue 3,000

Salaries Expense 176,000

Rent Exp 23,000

Advertising Exp 22,000

Utilities Exp 6,000

Interest Exp 5,000

Depreciation

Exp Equip 10,000

income tax exp 57,000

totals 788,000 788,000

Explanation / Answer

INCOME STATEMENT:-

CONSULTING FEES = 460000

ADD:-INTEREST REVENUE = 3000

TOTAL REVENUE = 463000

LESS:- EXPENSES:-

SALARIES EXPENSES = (176000)

RENT EXPENSES = (23000)

ADVERTISING EXPENSES = (22000)

UTILITIES EXPENSES = (6000)

INTEREST EXPENSES = (5000)

DEPRECIATION = (10000)

INCOME TAX EXPENSES = (57000)

NET INCOME TRANSFERRED TO RETAINED EARNINGS = 164000

RETAINED EARNINGS STATEMENT :-

OPENING BALANCE = 71000

ADD:-PROFIT FOR THE YEAR = 164000

LESS:-DIVIDEND PAID = (10000)

CLOSING BALANCE = 225000

BALANCE SHEET

LIABILITIES

AMOUNT($)

ASSETS

AMOUNT($)

EQUITY CAPITAL:-

FIXED ASSETS:-

COMMON STOCK

35000

EQUIPMENT = 252000

LESS:- DEPRECIATION :-(41000)

211000

RETAINED EARNINGS

225000

LONG TERM LIABILITIES:-

CURRENT ASSETS:-

NOTES PAYABLE

90000

ACCOUNTS RECIEVABLE

71000

INTEREST RECIEVABLE

1000

CURRENT LIABILITIES:-

INVENTORY

125000

INCOME TAX PAYABLE

57000

PREPAID INSURANCE

6000

INTEREST PAYABLE

4000

CASH

24000

ACCOUNTS PAYABLE

27000

TOTAL

438000