Ask Question
22 May, 05:03

Barth Company reports the following year-end account balances at December 31, 2011. Prepare the 2011 income statement and the balance sheet as of December 31, 2011. Accounts payable $ 32,000 Inventory $ 72,000 Accounts receivable 60,000 Land 160,000 Bonds payable, long-term 400,000 Goodwill 16,000 Buildings 302,000 Retained earnings 120,000 Cash 96,000 Sales revenue 800,000 Common stock 300,000 Supplies inventory 6,000 Cost of goods sold 360,000 Supplies expense 12,000 Equipment 140,000 Wages expense 80,000

+3
Answers (1)
  1. 22 May, 05:11
    0
    Income Statement

    Sales Revenue $800,000

    Cost of goods sold $360,000

    Supplies expense $12,000

    Wages expense $80,000

    Net Income $348,000

    Retained Earnings $120,000

    Dividends to be Paid $228,000

    Balance Sheet

    Assets

    Cash $96,000

    Supplies inventory $6,000

    Inventory $72,000

    Accounts Receivable $60,000

    Goodwill $16,000

    Land $160,000

    Buildings $302,000

    Equipment $140,000

    Total Assets $852,000

    Liabilities

    Accounts payable $32,000

    Bonds Payable $400,000

    Total Liabilities $432,000

    Stockholder's Equity

    Common Stock $300,000

    Retained Earnings $120,000

    Total Stockholder's

    Equity $420,000

    Total Liabilities and

    Equity $852,000
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Barth Company reports the following year-end account balances at December 31, 2011. Prepare the 2011 income statement and the balance sheet ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers