1)Prepare an ending 2014 Income Statement and Balance Sheet from the following information: Sales $800,000; Cost...

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1)Prepare an ending 2014 Income Statement and Balance Sheet fromthe following information: Sales $800,000; Cost of Goods Sold$300,000; Accounts Receivables $20,000; Bonds Outstanding $160,000;Accounts Payable $20,000; Advertising Expense $1,000;Administrative Expenses $35,000; Interest Expense $24,000;Depreciation Expense $40,000; Dividends Paid $137,000; Rent Expense$5,000; Accruals $20,000; Common Stock $100,000; Retained Earnings$245,000 (Beginning 0f 2014); Cash $20,000; Inventory $45,000; NetFixed Assets $600,000 (Beginning of 2014). (Assume a 40% TaxRate)

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Income Sstatement
Sales		800000
Less: Cost of goods sold		300000
Gross Profit		500000
Less: expenses
Advertising expense		1000
Admin expense		35000
Interest expens		24000
Depreciation expenses		40000
Rent expenses		5000
Income before tax		395000
Less: tax @ 40%		158000
After tax Income		237000


Statement of RE:
Beginning balance		245000
Add: Net Income		237000
Sub-total		482000
Less: Dividend		137000
Ending balance of RE		345000

Balance Sheet:
Assets:
Current assets:
Cash	20000
Accounts receivable	20000
Inventory	45000
Total Current assets		85000
Fixed assets		560000	(600000-40000)
Total Assets		645000

Liabilities and Equity:
Liabilities:
Accounts payable		20000
Accruals		20000
Bonds Payable		160000
Total liabilities		200000
Stockholder's equity:
Common Stock		100000
Retained earnings		345000
Total Stockholder's equity		445000
Total Liabilities and Equity		645000

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1)Prepare an ending 2014 Income Statement and Balance Sheet fromthe following information: Sales $800,000; Cost of Goods Sold$300,000; Accounts Receivables $20,000; Bonds Outstanding $160,000;Accounts Payable $20,000; Advertising Expense $1,000;Administrative Expenses $35,000; Interest Expense $24,000;Depreciation Expense $40,000; Dividends Paid $137,000; Rent Expense$5,000; Accruals $20,000; Common Stock $100,000; Retained Earnings$245,000 (Beginning 0f 2014); Cash $20,000; Inventory $45,000; NetFixed Assets $600,000 (Beginning of 2014). (Assume a 40% TaxRate)