Problems
Manley Corporation's trial balance at December 31, 2010 consisted of the following account balances:
|
Cash
|
$100,000
|
|
Sales
|
350,000
|
|
Unearned Revenue
|
2,500
|
|
Accounts Receivable
|
235,000
|
|
Accounts Payable
|
112,500
|
|
Salaries (paid to employees)
|
90,000
|
|
Common Stock
|
2,000
|
|
Cost of Goods Sold
|
200,000
|
|
Notes Payable
|
2,300
|
|
Tax Expense
|
18,000
|
|
Additional Paid-In Capital
|
15,700
|
Required:
a. Prepare Manley's December 31, 2010 balance sheet. (Hint: You must compute a missing amount.)
b. Prepare Manley's income statement for the year ended December 31, 2010.