Question

Use the following information available as of December 31 to prepare an income statement for the year and a balance sheet for Goldie Company. Fees for services performed during the year, $125,000 Accounts payable, $17,700 Accounts receivable, $18,100 Miscellaneous expenses for the year, $8,800 Supplies on hand, $3,600 Notes payable, $27,000 Interest expense on the note for the year, $3,000 Equipment, $93,100 Cash on hand, $11,400 Salaries expense for the year, $71,200 Supplies expense for the year, $8,700 Rent expense for the year, $11,700 Common stock that has been issued, $53,000 Retained earnings at the end of the year, $28,500

Answer 1

Income Statement

Revenues 125,000

misc expense 8,800

interest expense 3,000

salaries expense 71,200

supplies expense 8,700

rent expense 11, 700

total expense 103,400

Net Income 21,600

Balance Sheet

Assets Liabilities

Cash 11,400 Account Payable 17,700

Accoun Receivable 18,100 Note Payable 27,000

Supplies 3,600 Total Liabilities 44,700

Current Asets 33,100 Equity

Common Stock 53,000

RE 28,500

Equipment 93,100 Total Equity 81,500

Total Assets 126,200 Total Liab + SE 126,200

Step-by-step explanation:

Income statement:

revenues - expense

Balance Sheet:

Assets on the left side, liabilities and equity in the right side

It should match total assets with total liab and SE