Constructing Financial Statements from Account Data
Barth Company reports the following year-end account balances at December 31, 2013. Prepare the 2013 income statement and the balance sheet as of December 31, 2013.
Accounts payable $16,000 Inventory $36,000
Accounts receivable $30,000 Land $80,000
Bondspayable, long-term $200,000 Goodwill $8,000
Buildings151,000 Retained earnings$160,000
Cash $148,000 Sales revenue $500,000
Common stock $150,000 Suppliesinventory$3,000
Cost of goods sold180,000 Suppliesexpense6,000
Equipment70,000 Wages expense 40,000
Prepare Barth Income Statement and Balance Sheet