Balance Sheet,Income Statement and Journal Entries-4 exercises-MBA-Accounting

Balancesheetandincomestatementexample.xlsx

E2-27 on pages 2-29 and 2-30

	Barth Company
	Income Statement
	For the Year Ended December 31, 2019
Sales revenue		$500,000
Cost of goods sold		180,000
Gross margin		320,000
Operating expenses
Wages expense		40,000
Supplies expense		6,000
Total operating expenses		46,000
Operating income		274,000
Other income, net		0
Income before provision for income taxes		274,000
Provision for income taxes		0
Net income		$ 274,000
	Barth Company
	Balance Sheet
	December 31, 2019
Assets
Current assets
Cash		$148,000
Accounts receivable		30,000
Supplies inventory		3,000
Inventory		36,000
Total current assets		217,000
Long-term assets
Land		80,000
Buildings		151,000
Equipment		70,000
Goodwill		8,000
Total assets		$526,000
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable		$16,000
Total current liabilities		$16,000
Long-term liabilities
Bonds payable, long-term		200,000
Total liabilities		$216,000
Shareholders' equity
Common stock		150,000
Retained earnings		160,000
Total shareholders' equity		310,000
Total liabilities and shareholders' equity		$526,000