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Financial_Stmts_C-1_In-class_Problems

Financial_Stmts_C-1_In-class_Problems - Contributed Capital...

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Kirra's Surfboards Balance Sheet as of 12/31/06 Assets Current Assets: Cash 420000 A/R  155,000  Office Supplies  9,100  Inventory  40,000  Prepaid Rent  105,000  Total Current Assets  729,100  Long-Term Assets (PP&E) Eqpt & Machinery  185,000  (Acc. Deprn.)  (3,000) Net Property, Plant & Eqpt.  182,000  Total Assets  911,100  Liabilities Current Liabilities: A/P  -  Salaries Payable  5,000  Int. Payable  333  Total Current Liabilities  5,333  Long-Term Liabilities Notes Payable  40,000  Total Liabilities  45,333  Owners' Equity
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Unformatted text preview: Contributed Capital 750,000 Retained Earnings 115,767 Total O.E. 865,767 Total Liabilities & Owners' Equity 911,100 Kirra's Surfboards Income Statement Sales Revenue 200,000 (Cost of Goods Sold) (60,000) Gross Pofit 140,000 Operating Expenses Salaries Exp (5,000) Rent Exp (15,000) Supplies Exp (900) Depreciation Exp (3,000) Opertaing Income 116,100 Other Items Interest Exp (333) Net Income 115,767...
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