Following is a trial balance for Jane Co., as of 12/31/2018. Do the best you...
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Accounting
Following is a trial balance for Jane Co., as of 12/31/2018. Do the best you can in formatting your response, it doesn't have to be "pretty", but it is important that your answer is clear.
Debit Credit
Cash (C) $ 100
Accounts receivable (AR) 500
Inventory (I) 1,000
Machinery (M) 25,000
Accumulated depreciation (AD) 12,000
Goodwill (GW) 2,000
Accounts payable (AP) 1,500
Notes payable (NP) 800
Long-term debt (LTD) 2,700
Common stock (CS) 200
Additional paid-in capital (APIC) 900
Retained earnings (RE) 10,200
Sales (S) 7,000
Cost of goods sold (COGS) 5,000
Marketing and administrative (MA) 1,000
Depreciation (D) 500
Income tax provision (TAX) 200
Required:
Prepare a Statement of Financial Position and an Income Statement for Jane Co. based on the above information. (Use the abbreviations in parentheses to speed things up.) Showing appropriate subtotals and totals matters
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