Annabella_Inc.web - $50,000 $324,000 $374,000 Annabella,...

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Annabella, Inc. Income Statement For the Year Ended December 31, 2006 Revenues Sales Err:509 Cost of Goods Sold 200,000 Gross Margin Err:509 Operating Expenses Salary Expense $50,000 Rent Expense 36,000 Depreciation Expense 10,000 Office Expenses 10,000 Total Operating Expenses 106,000 Income from Operations Err:509 Interest Revenue 1,000 Interest Expense < 5,000 > < 4,000 > Taxable Income Err:509 Tax Expense 30,000 Net Income Err:509 Earnings Per Share Err:509
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Annabella, Inc. Statement of Owners' Equity For the Year Ended December 31, 2006 Common Retained Stock Earnings Totals Beginning Balances, December 31, 2005 $40,000 $259,000 $299,000 Common Stock Issued 10,000 10,000 Net Income 70,000 70,000 Less: Dividends Declared < 5,000 > < 5,000 > Ending Balances, December 31, 2006
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Unformatted text preview: $50,000 $324,000 $374,000 Annabella, Inc. Balance Sheet December 31, 2006 Assets Liabilities & Owners' Equity Current Assets Liabilities Cash $58,000 Current Liabilities Accounts Receivable 15,000 Accounts Payable $12,000 Inventory 80,000 Wages Payable 4,000 Total Current Assets 153,000 Taxes Payable 6,000 Total Current Liabilities 22,000 Fixed Assets Building $200,000 Long-Term Debt Equipment 100,000 Note Payable 40,000 Subtotal 300,000 Total Liabilities 62,000 Less: Accumulated Depreciation < 20,000 > Owners' Equity Net Fixed Assets 280,000 Common Stock $50,000 Retained Earnings 324,000 Other Assets Total Owners' Equity 374,000 Security Deposit 3,000 Total Other Assets 3,000 Total Liabilities & Total Assets $436,000 Owners' Equity $436,000...
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This note was uploaded on 09/12/2010 for the course ACCT 101 taught by Professor Drkirch during the Spring '10 term at Ohio University- Athens.

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Annabella_Inc.web - $50,000 $324,000 $374,000 Annabella,...

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