ABC Company, Inc. Balance Sheet As of December 31, 2009 Assets Cash Accounts rec
ID: 2567873 • Letter: A
Question
ABC Company, Inc. Balance Sheet As of December 31, 2009 Assets Cash Accounts receivable Allowance for bad debts Prepaid rent Prepaid Insurance Inventory Equipment Accumulated Depreciation-Equipment Vehicle Accumulated depreciation Vehicle 73,000 113,000 (7,000) 12,000 15,000 125,000 45,000 (8,000) 36,000 (4,950) 399,050 Totat Assets Liabiities and Stockholder's Equity Accounts payable Unearned revenue 60,000 58,000 118,000 Total Liabilities Stockholder's equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity 50,000 231,050 281,050 399,050Explanation / Answer
1. ABC Company Inc.
Income Statement
For the year ended December 31, 2010
2. ABC Company Inc.
Statement of Changes in Stockholders' Equity
For the year ended December 31, 2010
3. Balance Sheet
December 31, 2010
$ $ Sales 426,250 Cost of Goods Sold 256,250 Gross Profit 170,000 Operating Expenses Rent Expense 12,000 Insurance Expense 60,000 Operating Expenses 58,000 Depreciation Expense : Equipment ( $ 45,000 - $ 5,000) / 10 4,000 Depreciation Expense : Vehicles ( $ 36,000 - $ 3,000) / 100,000 x 16,000 5,280 Bad Debt Expense 6,000 Total Operating Expenses 145,280 Net Operating Income 24,720 Other Income / Expense Interest Income 400 Net Income 25,120