Consider the XYZ company information that is on the table. a. Classified in the
ID: 2709189 • Letter: C
Question
Consider the XYZ company information that is on the table.
a. Classified in the financial statements that apply: Income Statement (IS) or Balance Sheet (BS).
b. Indicates the type of account that is active current (AC) Current Liabilities (CL), spending (S), fixed assets (FA), long-term debt (LTD), income (I) or shareholders' equity (SE ).
c. With the amounts provided for each account, prepared:
1. Statement of Income and Expenditure for the year ending December 31 this year.
2. The status report as of December 31 of this year.
Accounts a) State of Which b) Account Type c)Quantity Common Stock $5,000 Preferred Stock $5,000 Paid in capital in excess of par $975,465 Cost of Goods Sold $1,459,455 Accounts Receivable $260,205 Accounts Payable $378,236 Depreciation $112,178 Accumulated Depreciation- Machinery & Equipment $419,044 Long-term Debt $679,981 Cash $30,070 Equipment $1,448,790 Retained Earnings $574,212 Interest expense $117,587 Administrative expense $43,200 Selling expenses $58,300 General expenses $27,215 Operational expenses $210,544 Income Tax $28,870 Accrued Income Taxes $21,125 Inventories $423,819 Machinery $482,929 Notes payable $14,487 Other current assets $41,251 Goodwill $382,145 Maketable Securities $3,341 Sales $2,110,965Explanation / Answer
Accounts a) State of Which b) Account Type c)Quantity Common Stock BS SE $5,000 Preferred Stock BS SE $5,000 Paid in capital in excess of par BS SE $975,465 Cost of Goods Sold IS S $1,459,455 Accounts Receivable BS AC $260,205 Accounts Payable BS CL $378,236 Depreciation IS S $112,178 Accumulated Depreciation- Machinery & Equipment BS FA $419,044 Long-term Debt BS LTD $679,981 Cash BS AC $30,070 Equipment BS FA $1,448,790 Retained Earnings BS SE $574,212 Interest expense IS S $117,587 Administrative expense IS S $43,200 Selling expenses IS S $58,300 General expenses IS S $27,215 Operational expenses IS S $210,544 Income Tax IS S $28,870 Accrued Income Taxes BS CL $21,125 Inventories BS AC $423,819 Machinery BS FA $482,929 Notes payable BS CL $14,487 Other current assets BS AC $41,251 Goodwill BS Intangible assets $382,145 Maketable Securities BS AC $3,341 Sales IS (I) $2,110,965 Income Statement Sales 21,10,965 Cost of Goods Sold 14,59,455 Gross Profit 6,51,510 Depreciation 1,12,178 Interest expense 1,17,587 Administrative expense 43,200 Selling expenses 58,300 General expenses 27,215 Operational expenses 2,10,544 Income Tax 28,870 597894 Net Income 53,616 Assets Current Assets Accounts Receivable 2,60,205 Cash 30,070 Inventories 4,23,819 Other current assets 41,251 Maketable Securities 3,341 Total Current asset 7,58,686 Intangible assets 382145 Equipment 14,48,790 Machinery 4,82,929 Accumulated Depreciation- Machinery & Equipment 419044 15,12,675 Total Asset 26,53,506 Liabilities and Equity Current liabilities Accounts Payable 3,78,236 Accrued Income Taxes 21,125 Notes payable 14,487 Total Current Liabilities 413848 Long-term Debt 6,79,981 Equity Common Stock 5,000 Preferred Stock 5,000 Paid in capital in excess of par 9,75,465 Retained Earnings 5,74,212 1559677 Total Liabilities and Equity 26,53,506