Income Statement For the year ended December 31, 2013 Sales revenue Cost of good

Question

Income Statement For the year ended December 31, 2013 Sales revenue Cost of goods sold $127,900 69,800 58,100 Gross margin Selling expense Administrative expense Salaries expense Depreciation expense Interest expense Income before gain and taxes Gain on sale of land Income tax expense 13,000 8,000 20,000 1,900 4,000 46,900 11,200 900 800 $11300 Net income Addison Controls Comparative Balance Sheet As of December 31 2013 2012 Cash Accounts receivable, net Inventory $5,100 6,300 31,700 43,100 211500 $254600 4,300 5,500 34,200 44,000 215,300 $259 300 Total current assets Property, plant & equipment, net Total Assets $3,400 2,400 2,100 60,000 67,900 125,000 61,700 186,700 $5,900 2,200 2,600 50,000 60,700 125,000 73,600 198,600 Accounts pavable Accrued expenses Taxes payable Note payable Total liabilities Common stock Retained earnings otal stockholders' equity Total liabilities & stockholders' equity

Explanation / Answer

Solution:

Computation of cash received from customers Particulars Amount Beginning accounts receivables $5,500.00 Add: Sales $127,900.00 Less: Ending accounts receivables $6,300.00 Cash received from customers $127,100.00

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