Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. company x had a beginning inventory of 22 units at

Company X had a beginning inventory of 22 units at December 31, 2016, valued at...

70.2K

Verified Solution

Question

Accounting

Company X had a beginning inventory of 22 units at December 31, 2016, valued at $811,000 with a 6 month note at 6% 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 for the year were $1,105,000 and the tax rate was 23%. Assume General Administration expenses for the year were $61,000. The company had an external gain of 49,000.

Prepare an income statement in good form for the Company X.

Assume that there are 350,000 COMMON shares outstanding at year-end, 85,000 shares were issued April 15, and 100,000 were issued on September 30. 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.

please create a balance sheet and income statement

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students