**NEED QUOTE FIRST** I need a balance sheet and income statement created or use the ones I started....

Question

**NEED QUOTE FIRST** I need a balance sheet and income statement created or use the ones I started. I want to have accuracy before I start on the actual homework. Here is the actual data/problem. Attached is one of my started balance sheet.

Rock Hard Software and Hardware reports the following amounts at theend of the year(all amounts in$000):

Cash	$23,430	Depreciation Expense	$4,100	Taxes Payable	$712
Mortgage Payable	$43,500	Land	$62,000	Treasury Stock	$2,210
Sales Discounts and Returns	$1,258	Accounts Receivable	$5,292	Supplies Expenses	$355
Bonds Payable	$38,000	Accumulated Depreciation	$17,250	Income Tax Expense	$780
Equipment	$29,300	Interest Expense	$2,900	Notes Payable	$11,000
Cost of Goods Sold	$18,344	Current Portion of Bonds Payable	$6,200	Current Portion of Mortgage Payable	$2,350
Product Sales (Gross)	$56,145	Utilities Expense	$950	Inventory	$12,500
Discount of Bonds Payable	$970	Salaries Expense	$14,100	Revenues from Software Licenses	$1,050
Buildings	$52,000	Goodwill	$350	Advertising Expenses	$5,340
Sales Expenses	$7,200	Salaries Payable	$412	Marketable Securities	$3,450
Accounts Payable	$5,340	PrePaid Expenses	$750	Deferred Revenues	$1,920

In addition, the company had common stock of $42,000 at the beginning of the year and issued an additional $3,500 during the year. The company also had retained earnings of $19,700 at the beginning of the year and declared dividends of $1,500 during the year.

Using the account information above develop a Balance Sheet and Income Statement, then answer the next seven questions. The list of accounts is complete so your balance sheet should balance if you have performed the work correctly.

Calculate the Net Income After Interest and Taxes

homework-1-kgepcdrw.xlsx

Kiran · Accepted Answer

Balance Sheet
	Balance Sheet
	Rock Hard Software & Hardware
	Dec 31st, xxxx						Assets	$   171,822
	ASSETS						Liabilities + SE	$   171,822
	Current Assets							$   - 0
		Cash 		$   23,430
		Marketable securities		$   3,450
		Inventory		$   12,500
		Pre-paid Expenses		$   750
		Accounts Recievable		$   5,292
		Total Current Assets		$   45,422
	Fixed Assets
		Land		$   62,000
		Buildings		$   52,000
		Equipment	29300
		Less Accumulated Depreciation	17250	$   12,050
	Intangible Assets
		Goodwill		350
	Investments & restricted cash
		Derivative Assets
		Deferred 
		Total Assets		$   171,822
	LIABILITIES
	Current Liabilities
		Accounts Payable		$   5,340
		Notes Payable		$   11,000
		Taxes payable		$   712
		Salaries Payable		$   412
		Deferred revenue		$   1,920
		Income taxes payable
		Current Portion of Bonds Payable		$   6,200
		Current portion of Mortgage Payable		$   2,350
		Total Current Liabilities		$   27,934
	Long term Liabilities
		Bonds Payable	$   38,000
		Less: Discount on Bonds Payable	970	$   37,030
		Mortgage Payable		$   43,500
		  Total Long term Liabilities		$   80,530
		Total Liabilities		$   108,464
	Stockholders Equity
		Common Stock, shares issued at beginning of year, additional shares during year		$   45,500
		Retained Earnings		$   20,068
		Treasury Stock		$   (2,210)
		    Total Stockholders Equity		$   63,358
		Total Liabilities and Total Stockholders Equity		$   171,

NEED QUOTE FIRST I need a balance sheet and income statement created or use the ones I started. I want to have accuracy before I start on the actual homework. Here is the actual data/problem....

Solution

Answer To This Question Is Available To Download

Related Questions & Answers

Submit New Assignment

**NEED QUOTE FIRST** I need a balance sheet and income statement created or use the ones I started. I want to have accuracy before I start on the actual homework. Here is the actual data/problem....

Solution

Answer To This Question Is Available To Download

Related Questions & Answers

Submit New Assignment

NEED QUOTE FIRST I need a balance sheet and income statement created or use the ones I started. I want to have accuracy before I start on the actual homework. Here is the actual data/problem....