Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. in its closing financial statements for its first

In its closing financial statements for its first year in business, ABC Enterprises, had cash...

60.1K

Verified Solution

Question

Finance

In its closing financial statements for its first year in business, ABC Enterprises, had cash of $240, accounts receivable of $850, inventory of $845, net fixed assets of $3,410, accounts payable of $710, short-term notes payable of $770, long-term liabilities of $1,100, common stock of $1,160, retained earnings of $1,605, net sales of $2,768, cost of goods sold of $1,210, depreciation of $160, other operating expenses of $200, interest expense of $160, taxes of $312, addition to retained earnings of $508, and dividends paid of $218. From the information provided create the company's income statement and balance sheet in proper accounting format.

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

Chemistry
1.2K views

1.) Determine the pH change when 0.117 mol KOH is added to 1.00 L of a buffer...

Psychology
1.2K views

Discuss any two psychological strategies you can use as a health psychologist for terminally ill patients.

Physics
1.2K views

You have two strings that you can use to connect three masses as you see...

Basic Math
1.2K views

You decide that you want to make sure your estimate from part a is correct....

Statistics
1.2K views

Question You Are Considering Buying An Industrial Equipment Whose Price 260000 The You are considering...

Calculus
1.2K views

the line below KEREKE THA BEDDE MEKLEREENEEM XTREMENTMINERIN DESCRE

Algebra
1.2K views

O 0 79 O 1 05 O 1 33 O 0 68 2 If 2...

Accounting
1.2K views

Salsa Company is considering an investment in technology to improve its operations. The investment costs...

Accounting
1.2K views

A state collects sales taxes both for itself and for counties that have elected to...

Accounting
1.2K views

At the end of the fiscal year Zeta Tube performs an analysis comparing current year...

Accounting
1.2K views

Sometimes a parent acquires a subsidiary that does not have the same fiscal year end....

Accounting
1.2K views

Hill Industries had sales in 2021 of $6,800,000 and gross profit of $1,100,000. Management is...