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Problem4-1 - Retained earnings capital 3 MAGIC VINYL CO...

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Problem 4-1 Name: Section: Enter the appropriate amount or label in the shaded cells. An asterisk (*) will appear next to an incorrect answer in the outlined cells. 1. MAGIC VINYL CO. Income Statement For the Year Ended March 31, 2008 Revenues from sales: Less: Net sales Cost of merchandise sold Gross profit Expenses: Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total expenses Income from operations Other expense: Net income 2. MAGIC VINYL CO. Retained Earnings Statement For the Year Ended March 31, 2008 Retained earnings, April 1, 2007
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Unformatted text preview: Retained earnings, capital, March 31, 2008 3. MAGIC VINYL CO. Balance Sheet March 31, 2008 Assets Current assets: Total current assets: Property, plant and equipment: Office equipment Store equipment Total property, plant and equipment Total assets Liabilities Current liabilities: Total current liabilities: Long-term liabilities: Total liabilities Owner's Equity Capital stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 4. a. b....
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