C11-Chp-00-Comprehensive-Case-1-Corp-Basics (1)

C11-Chp-00-Comprehensive-Case-1-Corp-Basics (1) - C...

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C Corporation Case File: a70add8ab868ac2d6f06efc30d0364481642f69f.xls Page 1 of 1 Financial statements for Ann Corporation's first year of operations. Company was organized on 1-1-2010. Balance Sheet 12-31-10 Income Statement-2010 Cash $200,000 Revenue $400,000 Accounts Receivable $230,000 Salary Expense- 100% to Owner $100,000 Allowance for Bad Debts (10,000) 220,000 Auto expense 15,000 Prepaid Expense 80,000 Bad Debt Expense 25,000 Total Current Assets $500,000 Depreciation expense 50,000 350,000 Interest expense 20,000 Accumulated Depreciation (50,000) 300,000 Other expense 130,000 Other Assets 100,000 Total Expense 340,000 Total Assets $900,000 Net Income before Tax 60,000 Income tax payable $10,000 Federal Income Tax 10,000 Notes Payable to Bank (10%) 200,000 Net Income after Tax $50,000 Other liabilities 60,000 Retained Earnings Statement - 2010 Total Liabilities $270,000 Beginning Retained Earnings $0 Common Stock ($100 par) $600,000 Net Income $50,000
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