Post Fir Income Statement Essay

334 words - 2 pages

1-32B
(Learning Objective 5: Identify financial statement by type of information) Assume Neil, Inc., is expanding into Germany. The company must decide where to locate and how to finance the expansion. Identify the financial statement where these decision makers can find the following information about Neil, Inc. In some cases, more than one statement will report the needed data.

a. Income tax expense

P1-66B

▸Requirements

1. Prepare the income statement of Post Fir, Inc., for the year ended Decemb
er 31, 2012.2. Prepare the company’s statement of ...view middle of the document...

00 |
| | |
Expenses | | |
Property Tax Exp | $2400.00 | |
Rent Expense | $13000.00 | |
Utilities Expense | $2700.00 | |
Interest Expense | $4650.00 | |
Salary Expense | $34000.00 | |
| | |
Total | | $56750.00 |
| | |
Net Profit | | $86250.00 |

Post Fir Inc
Statement of Retained Earnings
Year Ended Dec 3
Retained Earnings Dec 31, 2011 | $ 114,000.00 |
+ Net Income for the Year | $ 86,250.00 |
Total | $ 200,250.00 |
Less: Dividends | $ (36,000.00) |
Retained Earnings Dec 31, 2012 | $ 164,250.00 |
| |
| |
1,2012

Post Fir Inc
Balance Sheet
Dec 31,2012
Assets | |
Cash | $ 14,000.00 |
Accounts Receivable | $ 26,500.00 |
Supplies | $ 1,900.00 |
Equiptment | $ 35,000.00 |
Building | $ 125,000.00 |
Land | $ 8,200.00 |
Total Assets | $ 210,600.00 |
| |
Liabilities | |
Accounts Payable | $ 9,000.00 |
Notes Payable | $ 31,000.00 |
Interest Payable | $ 1,000.00 |
Total Liabilities | $ 41,000.00 |
| |
Stockholders Equity | |
Common Stock | $ 5,350.00 |
Retained Earnings | $ 164,250.00 |
Total Equity | $ 169,600.00 |
Total Liabilities and Equity | $ 210,600.00 |

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