Interrelationships_of__f_s_chapter_1

Interrelationships_of__f_s_chapter_1 - New Company Inc....

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New Company Inc. Income Statement For the year ended December 31, 2001 Revenue $10,500 Expenses Cost of Goods Sold 5,000 Selling and Administrative Expenses 1,000 Income Tax Expense 500 Total Expenses 6,500 Net Income New Company Inc. For the year ended December 31, 2001 Beginning Retained Earnings 1/1 01 $ 0 Net Income F/Y/E 12/31 01 4,000 Less: Dividends paid (500) Ending Retained Earnings $3,500 ===== New Company Inc. Balance Sheet As of December 31, 2001 Assets Cash $5000 Equipment 500 Total Assets $5500 ===== Liabilities and Stockholder's Equity Liabilities Notes Payable $1000 Total Liabilities $1000 Stockholder's Equity Common Stock $1000 Retained Earnings 3500 Total Stockholder's Equity
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Interrelationships_of__f_s_chapter_1 - New Company Inc....

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