22-Eastern Window T-accounts

22-Eastern Window T-accounts - Interest expense 16,200...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Example: Eastern Window Products Limited Page 1484 Balance Sheet Accounts - 2012 Opening and Ending Balances 59,000 7,500 0 0 O: 6,000 70,000 152,400 0 59,100 40,000 I: 200,000 70,000 50,000 0 1,000 72,000 F: 37,000 6,000 4,000 80,000 56,000 63,000 2,700 73,700 46,000 68,000 2,000 125,600 Other Information: 73,000 10,000 Land and building was purchased with the help of a mortgage payable of $155,000. 82,000 19,000 Income Statement and Retained Earnings - Year ended December 31, 2012 Sales $592,000 COGS 355,000 Gross Profit 237,000 $55,000
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Interest expense 16,200 Depreciation expense 15,000 Other operating expenses 51,000 137,200 Income before income tax 99,800 Income tax expense 39,900 Net Income 59,900 Retained earnings, Jan 1 73,700 Dividend declared (8,000) Retained earnings, Dec 31 $125,600 Equipment Income Taxes Payable Mortgage Payable Bonds Payable Common Shares Retained Earnings Prepaid Expenses Accum Deprec - Equip Wages Payable Cash Building Land Accum Deprec - Build A/P A/R Inventory...
View Full Document

This note was uploaded on 10/26/2011 for the course ACCT 3410 taught by Professor Jobs during the Spring '11 term at Kwantlen Polytechnic University.

Ask a homework question - tutors are online