FOR Tutor Aleina Kim Only

IET-317

Financial Accounting HW 1

The following accounts are from the accounting records of JadaTech Industries. Unless otherwise indicated, assume that all balance sheet items reflect account balances for the fiscal year that began on January 1, 2016 and ended on December 31, 2016. All income statement accounts reflect activities that occurred during that fiscal year.

Paid-in capital 30,000

Gross revenue 675,000

Equipment 21,500

Accounts receivable 60,400

Merchandise inventory 224,500

Income tax expense 85,000

Cash 37,800

Notes payable (long term) 75,600

Interest expense 10,450.40

Depreciation expense 3,149.60

Accumulated depreciation 13,800

Rent expense 17,900

Sales discounts 9,000

Land 47,500

Cost of goods sold 462,000

Retained earnings (1/1/2016) 227,850.40

Accounts payable 24,149.60

This assignment is to be Typed using Microsoft Excel or similar software (I will not grade handwritten submittals).

1. Prepare the Balance Sheet.

2. Prepare the Income Statement.

3. Calculate the retained earnings if a dividend of $67,200 was paid during the year.

Include a proper heading with each financial statement

***Be sure to include dollars and cents.

Turn in this assignment in hardcopy at the beginning of class – do not email it to me.