Problem Homework Week 1 and 2 Financial Statements 2013 2014 Cost of goods...

Question

Problem
    Homework Week 1 and 2
    Financial Statements
        2013        2014
    Cost of goods sold    $ 169,969        $ 214,607
    Cash    24,524        26,056
    Depreciation expense    47,980        54,230
    Interest expense    10,442        11,954
    Selling & Administrative expenses    33,425        43,626
    Accounts payable    43,344        48,090
    Net fixed assets    211,680        264,021
    Sales    333,426        406,427
    Accounts receivable    17,378        22,542
    Notes payable    19,757        21,571
    Long-term debt    106,848        119,976
    Inventory    36,570        50,185
    Common Stock    91,559        111,719
    Tax rate    20%
    Dividend payout %    50%
The information presented below are the 2013 and 2014 adjusted trial balances for HCJ corporation. Prepare an income statement, balance sheet, and statement of retained earnings for each year in good form. Assume a beginning Retained Earnings balance of $0 for 2013.

Problem
    Homework Week 1 and 2
    Financial Statements
        2013        2014
    Cost of goods sold    $ 169,969        $ 214,607
    Cash    24,524        26,056
    Depreciation expense    47,980        54,230
    Interest expense    10,442        11,954
    Selling & Administrative expenses    33,425        43,626
    Accounts payable    43,344        48,090
    Net fixed assets    211,680        264,021
    Sales    333,426        406,427
    Accounts receivable    17,378        22,542
    Notes payable    19,757        21,571
    Long-term debt    106,848        119,976
    Inventory    36,570        50,185
    Common Stock    91,559        111,719
    Tax rate    20%
    Dividend payout %    50%
The information presented below are the 2013 and 2014 adjusted trial balances for HCJ corporation. Prepare an income statement, balance sheet, and statement of retained earnings for each year in good form. Assume a beginning Retained Earnings balance of $0 for 2013.

hw-2-2-hhqm23c3.xlsx hw-2-2-tbf5m0ei-fkitix5x.xlsx

Kiran · Accepted Answer

Problem
	Homework Week 1 and 2
	Financial Statements
		2013	2014
	Cost of goods sold	$   169,969	$   214,607
	Cash	24,524	26,056
	Depreciation expense	47,980	54,230
	Interest expense	10,442	11,954
	Selling & Administrative expenses	33,425	43,626
	Accounts payable	43,344	48,090
	Net fixed assets	211,680	264,021
	Sales	333,426	406,427
	Accounts receivable	17,378	22,542
	Notes payable	19,757	21,571
	Long-term debt	106,848	119,976
	Inventory	36,570	50,185
	Common Stock	91,559	111,719
	Tax rate	20%
	Dividend payout %	50%
	Solution
	HCJ corporation
	Income Statement
	For the year ended____2013
	Sales		333,426
	Less: Cost of Goods sold		$   169,969
	Gross Margin		163,457
	Less: Operating Expenses
	Depreciation Expenses	47,980
	Selling & Administrative Expense	33,425
	   Total Operating expense		81,405
	Net Operating expense		82,052
	Less: Interest expense		10,442
	Income Before taxes		71,610
	Less: Income Tax @ 20%		14,

Problem Homework Week 1 and 2 Financial Statements 2013 2014 Cost of goods sold $ 169,969 $ 214,607 Cash 24,524 26,056 Depreciation expense 47,980 54,230 Interest expense 10,442 11,954 Selling &...

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