Accounts Cash $ 4,400,000 Accounts Payable $ 2,160,000 Prepaid Rent $ 2,400,000 Supplies $ 320,000 Building $ 4,000,000 Accum. Dep. Building $ 3,200,000 Revenue $ 3,000,000 COGS $ 1,100,000 Entertainment Expense $ 120,000 Utility Expense $ 120,000 Depreciation Expense $ 400,000 inventory $ 800,000 Accounts Receivable $ 200,000 Supply Expense $ 80,000 Salary Expense $ 360,000 Prepaid insurance $ 600,000 Common Stock $ 3,100,000 Retained Earnings $ 3,120,000 Dividends $ 160,000 Income Tax Payable $ 600,000 Travel Expense $ 120,000 Required: 1. Create an Income Statement, Balance Sheet and Statement of Retained Earnings 2.Calculate the following ratios: current ratio, profit margin, return on assets,
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Accounts |
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Cash |
$ 4,400,000 |
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Accounts Payable |
$ 2,160,000 |
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Prepaid Rent |
$ 2,400,000 |
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Supplies |
$ 320,000 |
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Building |
$ 4,000,000 |
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Accum. Dep. Building |
$ 3,200,000 |
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Revenue |
$ 3,000,000 |
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COGS |
$ 1,100,000 |
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Entertainment Expense |
$ 120,000 |
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Utility Expense |
$ 120,000 |
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$ 400,000 |
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inventory |
$ 800,000 |
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$ 200,000 |
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Supply Expense |
$ 80,000 |
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Salary Expense |
$ 360,000 |
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Prepaid insurance |
$ 600,000 |
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Common Stock |
$ 3,100,000 |
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$ 3,120,000 |
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Dividends |
$ 160,000 |
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Income Tax Payable |
$ 600,000 |
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Travel Expense |
$ 120,000 |
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Required: |
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1. Create an Income Statement, |
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2.Calculate the following ratios: |
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