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Q1) Creating Financial Statements

Following account balances are given for Rustic Company at December 31, 2007. Revenue and expenses accounts cover fiscal year ending on that date. All numbers are dollars except shares outstanding.

Accounts payable
Accounts receivable
Accumulated depreciation
Common stock, par value
Cost of goods sold
Current portion of long-term debt
Income taxes
Interest expense
Interest payable
Long-term debt
Net income
Paid-in capital in excess of par
Patents and trademarks
Prepaid insurance
Property, plant and equipment, cost
Retained earnings
Sales revenues
Selling, general, and  administrative expenses
Service revenues
Wages pyable
Shares outstanding

A. Create the income statement in good form for Rustic Company.

B. Create classified balance sheet.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M920614

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