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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.

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

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