Ask Experts Questions for FREE Help !
Ask
    prisbarbs's Avatar
    prisbarbs Posts: 3, Reputation: 1
    New Member
     
    #1

    May 18, 2012, 07:12 PM
    Preparation of income statements
    Assume that you are the president of Nuclear Company. At December 31, 2011, the end of the first year of operations, the following financial data for the company are available:
    Cash $ 27,000
    Receivables from customers (all considered collectable) 14,000
    Inventory of merchandise (based on physical count and priced at cost) 92,000
    Equipment owned, at cost less used portion 47,000
    Payables to suppliers of merchandise 49,970
    Salary payable for 2011 (on December 31, 2011, this was
    Owed to an employee who was away because of an emergency and
    Returned to work on January 10, 2012, at which time the payment was made)
    3,000
    Total sales revenue 160,000
    Expenses, including the cost of the merchandise sold (excluding income taxes) 107,100
    Income taxes expense (at 30% of pretax profit); all paid during 2011 ?
    Share capital, 9,000 shares outstanding 90,000
    No dividends were declared or paid during 2011.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
     
    #2

    May 19, 2012, 10:48 AM
    And your question is?
    prisbarbs's Avatar
    prisbarbs Posts: 3, Reputation: 1
    New Member
     
    #3

    May 19, 2012, 03:22 PM
    Required:
    1.
    Prepare a summarized income statement for the year ended December 31, 2011. (Input all amounts as positive values)

    NUCLEAR COMPANY
    Summary Income Statement
    For the Year Ended December 31, 2011

    Total sales revenue=
    Total expenses, excluding income taxes=

    Profit before income taxes=
    Income tax expense=

    Profit/ Loss (Please specify)=


    2.Prepare a statement of financial position at December 31, 2011. (Be sure to list the accounts in order of their liquidity.)

    NUCLEAR COMPANY
    Statement of Financial Position
    As at December 31, 2011

    Assets
    Cash=
    Accounts receivable=
    Merchandise inventory=
    Equipment, net=

    Total Assets=

    Liabilities
    Accounts payable=
    Salary payable=

    Total liabilities=

    Shareholders' equity
    Shared capital=
    Retained earnings=

    Total Shareholders' Equity=

    Total Liabilities and Shareholders' Equity=

    Thank you.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
     
    #4

    May 19, 2012, 04:37 PM
    And your answer is?
    prisbarbs's Avatar
    prisbarbs Posts: 3, Reputation: 1
    New Member
     
    #5

    May 19, 2012, 04:58 PM
    I'm also asking for the answer.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
     
    #6

    May 20, 2012, 01:50 AM
    Quote Originally Posted by prisbarbs View Post
    i'm also asking for the answer.
    Sorry I don't give sample answers, plug the numbers into your template and if you have problems calculating the others then ask a question

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Income Statement Preparation. [ 3 Answers ]

The following selected information is taken from the records of Beckstrom Corporation. Accounts payable... $35,000 Accounts receivable... 65,000 Advertising expense... 15,000 Cash... 19,500 Supplies expense... 46,000 Rent expense... 10,000 Utilities expense... 3,000 ...

Income statement preparation [ 1 Answers ]

I have attempted several times to come up with the final answer of $40,500, with no luck I keep coming up with $50, 400 Assets Cash $38,700 Land $66,600 Total Assets $105,300 Dividends -7200 Interest Expense -3600 Miscellaneous Expense -4500 Notes...

Income Statement Preparation [ 2 Answers ]

Income Statement Preparation Accounts payable.. . $ 143,000 Accounts receivable.. . 95,000 Advertising expense.. . 14,500 Cash.. . 63,000 Supplies expense.. . 31,500 Rent expense.. . 12,000 Utilities expense.. . 2,500

Consolidation Financial Statements Preparation [ 1 Answers ]

A U.S. company acquired a French subsidiary and is in the process of preparing consolidated financial statements. Which of the following is true? a. The French financial statements must first be translated from francs to U.S. dollars, then the French company statements must be brought into...


View more questions Search