Homework 1

Homework 1 - NONE Property, Plant and Equipment Equipment...

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Ryan Gulliksen May 10, 2008 Homework 1 Problem 2-3B Problem 2-3B Kiltie Corporation Income Statement For Month Ended April 30, 2007 Revenues Sales Revenues $14,450 Expenses Depreciation expense $2,200 Income tax expense 1,100 Interest expense 350 Rent expense 760 Salaries espense 6,840 Total expense 11,250 Net Income $3,200 Retained Earnings Statement For Month Ended April 30, 2007 Retained Earnings, April 1 $13,960 Add: Net Income 3,200 17,160 Less: Dividends 2,800
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Retained Earnings, April 30 $14,360 Balance Sheet April 30, 2007 Assets Current assets Cash $21,955 Accounts receivable 4,150 Prepaid rent 380 Total current assets $26,485 Long Term Investments
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Unformatted text preview: NONE Property, Plant and Equipment Equipment $23,050 Less: Accumulated Depreciation 6,600 16,450 16,450 Total Assets $42,935 Liabilities and Stockholders Equity Current liabilities Accounts payable $2,400 Income taxes payable 300 Interest payable 175 Total current liabilities $2,875 Long-term liabilities LT Notes payable $5,700 Total long-term liabilities $5,700 Total liabilities $8,575 Stockholders equity Common stock $20,000 Retained Earnings 13,960 Total stockholders equity 33,960 Total liabilities and stockholders equity $33,960...
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This note was uploaded on 08/24/2008 for the course ACG 2102 taught by Professor Hill during the Spring '07 term at UNF.

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Homework 1 - NONE Property, Plant and Equipment Equipment...

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