Company X had a beginning inventory at December 31 2019 valued at $811,00 purchased with...
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Company X had a beginning inventory at December 31 2019 valued at $811,00 purchased with a 6 month note at 6% due May 2020. The company had a number of purchases during the new year equal to $352,000. The ending inventory count indicated 60 units valued at $493,100. Assume sales of the year was $1,105,000 and the tax rate was 23%. Assume General Administration expenses for the year were $61,000. The company had an extraordinary gain of 49,000.
Prepare an income statement and balance sheet in good form for the X Company. Assume that there are 350,000 common shares outstanding at year-end, 85,000 shares were issued April 15, valued at $12 and 100,00 were issued on September 30 valued at $14. The beginning balance was valued at $10 per share. There were 5,000 preferred shareholders who contributed $2,000,000 to earn 8% per year. Npn participating.
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