Assignment
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.