Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

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.

Account
Amount
Accounts payable
 $14,000
Accounts receivable
           18,000
Accumulated depreciation
           30,000
Cash
             6,000
Common stock, par value
           20,000
Cost of goods sold
           35,000
Current portion of long-term debt
             2,000
Income taxes
             6,000
Interest expense
             4,000
Interest payable
                 500
Inventory
           34,000
Long-term debt
           40,000
Net income
           12,000
Paid-in capital in excess of par
           30,000
Patents and trademarks
             4,000
Prepaid insurance
             2,500
Property, plant and equipment, cost
         150,000
Retained earnings
           78,000
Sales revenues
         110,000
Selling, general, and  administrative expenses
           65,000
Service revenues
           12,000
Supplies
             3,000
Wages pyable
             3,000
Shares outstanding
           20,000

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

Have any Question? 


Related Questions in Accounting Basics

Maher inc reported income from continuing operations before

Maher Inc. reported income from continuing operations before taxes during2014 of $790,000. $790,000 Additional transactions occurring in 2014 but not considered in the $790,000 are as follows. 1. The corporation experien ...

Accountingimagine that you are a consultant working on a

Accounting Imagine that you are a consultant working on a special project to help a company determine techniques that it can use in order to calculate the fair value of investments. From the e-activity, prepare a report ...

Accounting essayypou must identify a company that has

Accounting essay YPou must identify a company that has implemented "LEAN" or "Lean Six Sigma" technology in their organization. Clearly Identify the fundamental difference between LEAN and Six Sigma. Be certain to includ ...

International accounting1 when discussing foreign currency

International Accounting 1. When discussing foreign currency exchange, there are several arrangements. List two of these. 2. A _________ is a contract between two or more parties. 3. What are the timelines for the new re ...

1 identify which of the following statements is truea a

1. Identify which of the following statements is true. A. A partnership exists as long as there are at least two individuals or entities engaged in the active conduct of a trade or business or a financial operation, and ...

Assessment-bullassessment instructionspreparationfor this

Assessment- • Assessment Instructions Preparation For this problem, you will need to select a publicly traded company. Once you have selected a publicly traded company, obtain Form 10-K for the company for the most curre ...

Current developments in accounting thought - additional

Current Developments in Accounting Thought - Additional Assignment Question 1 - Mather and Peison (2006) report that public debt contracts tend to have a lower average number of accounting based debt covenants as well as ...

1identify the impact on operating cash flows increase or

1. Identify the impact on operating cash flows (increase or decrease) for changes in inventory levels (increase or decrease) for both companies for each of the three most recent years. Use Excel for your analysis. See Ch ...

Course project a financial statement analysisa comparative

Course Project: A Financial Statement Analysis A Comparative Analysis of Nike, Inc. and Under Armour, Inc. Below is the link for the financial statements for Nike, Inc. for the fiscal year ending 2014. First, select 2014 ...

Assignmentfinal take home examination on basic erp

Assignment Final Take Home Examination on Basic ERP Configuration Concepts Provide brief but clear and specific answers to the following questions. Consult any sources necessary, including SAP's Help features. 1. What ar ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro