Chapter 1 - Set 1 - Shown below is the adjusted trial balance of Kisumu Inc as of Account Debit Credit Cash 25,000 Accounts Receivable 40,000 Marketable

Chapter 1 - Set 1 - Shown below is the adjusted trial...

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Shown below is the adjusted trial balance of Kisumu Inc. as of December 31, 2015 Account Debit Credit Cash 25,000 Accounts Receivable 40,000 Marketable Securities 15,000 Notes Receivable- Due 5-31-2016 18,000 Prepaid Insurance 12,000 Equity Investments 75,000 Debt Investments 20,000 Inventory 65,000 Accounts Payable 15,000 Notes Payable: Due 15-07-2016 60,000 Notes Payable: Due 15-07-2017 30,000 Common Shares 60,000 Mortgage Payable 65,000 Bonds Payable 115,000 Income Taxes Payable 65,000 Sales 225,000 Cost of Goods Sold 135,000 Salaries Expense 40,000 Rent Expense 15,000 Insurance Expense 10,000 Dividends Declared 4,000 Amortization Expense 20,000 Retained Earnings 70,000 Land 170,000 Buildings 125,000 Dividend Revenue 16,000 Accumulated Amortization- Buildings 80,000 Patents 5,000 Trademarks 7,000 Total 801,000 801,000 Other Information Number of average common shares outstanding is: 10,000 The share price of Kisumu Inc. closed at $25.20 on December 31, 2015 Required: Prepare an income statement, a statement of retained earnings, and a classified balance sheet Calculate the Profitability, Solvency and Liquidity ratios
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Kisumu Inc.
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  • Spring '15
  • Balance Sheet, Current Liabilities, Net Income, Generally Accepted Accounting Principles, Kisumu Inc.

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