Prepare an income statement for 2013. Prepare a statement of retained earnings f

Question

Prepare an income statement for 2013.

Prepare a statement of retained earnings for 2013.

Prepare a balance sheet for 2013.

Prepare a statement of cash flows for 2013. (Amounts to be deducted should be indicated by a minus sign.)

What amount of total assets have been financed by the creditors and by the stockholders?

Did the retained earnings at September 30, 2013, arise primarily from current year earnings or earnings retained from prior years?

Accounts Payable $ 53,000   Accounts Receivable 30,800   Cash (balance on January 1, 2013) 108,900   Cash (balance on September 30, 2013) 93,000   Common Stock 149,000   Dividends 0   Equipment 144,700   Income Tax Expense 10,900   Interest Expense 30,300   Inventory 18,000   Notes Payable 30,900   Prepaid Rent 7,800   Office Expense 15,100   Retained Earnings (beginning) 10,300   Salaries and Wages Expense 36,500   Service Revenue 153,800   Utilities Expense 25,900   Salaries and Wages Payable 16,000

Explanation / Answer

Solution 1:

Solution 2:

Solution 3:

Solution 4:

Income Statement - 2013 Particulars Amount Service Revenue $153,800.00 Less: Expenses Salaries and Wages Expense $36,500.00 Utility expense $25,900.00 Office Expense $15,100.00 Earning Before Interest and Tax (EBIT) $76,300.00 Less: Interest Expense $30,300.00 Earning Before Tax $46,000.00 Less: Income Tax Expense $10,900.00 Earning After Tax $35,100.00

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