UGBA102A_HW1_VictorGiner.pdf - UGBA 102A Introduction to Financial Accounting Victor Giner Ciaurriz Homework Chapter 1 E1 – 12 ANALYTICS CORPORATION

UGBA102A_HW1_VictorGiner.pdf - UGBA 102A Introduction to...

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UGBA 102A: Introduction to Financial Accounting Victor Giner Ciaurriz Homework Chapter 1 E1 – 12 ANALYTICS CORPORATION Income Statement For the Year Ended December 31, Current year Total revenues $ 299,000 Less: total expenses (excluding income tax) 184,000 Pretax income 115,000 Less: Income tax expense 34,500 Net income $ 80,500 ANALYTICS CORPORATION Balance Sheet At December 31, Current year Assets Cash $ 70,150 Receivables from customers 34,500 Merchandise inventory 96,600 Total assets $ 201,250 Liabilities Payable to suppliers $ 26,450 Income taxes payable 34,500 Total liabilities 60,950 Stockholders’ equity Common stock 59,800 Retained earnings 80,500 Total stockholders’ equity 140,300 Total liabilities and stockholders’ equity $ 201,250
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UGBA 102A: Introduction to Financial Accounting Victor Giner Ciaurriz P1 – 1 HIGHLIGHT CONSTRUCTION COMPANY Income Statement For the Year Ended December 31, 2019 Total sales revenues $ 128,400 Total expenses 80,200 Pretax income 48,200 Income tax expense ($48,200 x 30%) 14,460 Net income $ 33,740 HIGHLIGHT CONSTRUCTION COMPANY Statement of Stockholders’ Equity
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