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

Assignment the apportionmentyou are a census officer in a

Assignment: The Apportionment You are a census officer in a newly democratic nation and you have been charged with using the census data from the table below to determine how 100 congressional seats should be divided amo ...

Assignmentparticipation topic mandatoryinventory additional

Assignment Participation Topic (Mandatory) Inventory Additional Lecture Notes Class, Let me see if I can work up an example of how to calculate and use the different inventory methods. Let us use the following informatio ...

Learning outcomescode descriptiona1 in-depth and systematic

Learning outcomes Code Description A1 in-depth and systematic understanding of key investment concepts to facilitate strategic real estate investment decision-making A4 critical awareness and understanding of the evolvin ...

You are the auditor for a company and need to review the

You are the auditor for a company and need to review the company's accounts receivable using probability proportional to size (PPS) sampling. In addition, the board of directors has requested that you and your team prese ...

Question 1bringing account balances up to date before

Question 1 Bringing account balances up to date before preparing financial reports is called A. posting. B. adjusting. C. journalizing. D. analyzing. Question 2 The entry to record the expiration of part of the prepaid r ...

1 which of the following would definitely improve both

1. Which of the following would definitely improve both gross profit as reported in the Income Statement and gross profit margin (assuming cost price per unit stays the same)? A. Selling more units at a higher selling pr ...

Accounting systems and assurance assessment internal

Accounting Systems and Assurance Assessment: Internal Control and information quality Accounting students learn how to process, analyse and use accounting information. It is also necessary to learn what contributes to th ...

Landscaping service pricing analysisyou own a landscaping

Landscaping Service Pricing Analysis You own a landscaping company for residential properties. Your average cost for design and implement a standard landscape change per residential property is as follows Bushes @ $130 F ...

Discussionpart 1 please respond the following question no

Discussion Part 1 please respond the following question no less then 350 words (original work, no plagiarism, 1 reference "learning experience and application of knowledge" please respond to the following: • Assume you h ...

Why does it matter whether social security is considered a

Why does it matter whether Social Security is considered a pension plan or an entitlement program? How does the FASAB direct that Social Security be reported? What unique issues does the federal government face in calcul ...

  • 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

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

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen