This preview shows page 1. Sign up to view the full content.
Unformatted text preview: in an effort to save some money, the president has been keeping track of the financial records rather than hiring a professional accountant. Although some data is missing, a comparative two-year report appears below. 2010 2009 Retained earnings, Jan. 1 ? 45,238 Cost of Goods Sold 208,902 197,732 Retained earnings, Dec. 31 61,686 53,618 Accounts receivable 20,812 14,388 Income tax expense ? 936 Inventory ? 100,082 Dividends 3,632 5,880 Cash 13,010 41,788 Selling and administrative expenses 36,122 39,638 Notes payable 252,160 263,270 Capital 263,132 ? Revenues 257,908 252,566 Property, plant and equipment 570,520 525,160 Accounts payable 124,610 120,890 Prepare an income statement, statement of owners equity and a balance sheet for each year and determine the missing values. Review and assess the company's completed financial statements then comment on it's operational success and financial position....
View Full Document
This note was uploaded on 10/04/2011 for the course ACC 310F taught by Professor Verduzco during the Fall '07 term at University of Texas at Austin.
- Fall '07