Construct a set of Financial Statements for The Russian Spies, including a Balance Sheet and an Income Statement. Each item will be used only once, and should follow the general rules of financial...


Construct a set of Financial Statements for The Russian Spies, including a Balance Sheet and an Income Statement. Each item will be used only once, and should follow the general rules of financial statements (which items come first, groupings, etc). The numbers balance, and will be used to answer questions later(40 points)





























































Cash 295



Accounts Payable 20



Wages Payable 25



Insurance Expense 45



Cost of Goods Sold 2001



Sales 3890



Retained Earnings 803



Prepaid Insurance 30



Property Plant & Equip 1080



Depreciation Expense 108



Accumulated Depreciation 360



Interest Expense 24



Total Assets 2400



Gross Margin ?



Net Income 850



Net Income 850



As of Dec 31, 2016



For the Year Ended Dec. 31, 2016



Total Liabilities 767



Total Equity ?



Total Liabilities & Equity ?



Notes Payable 680



Payroll Expense 402



Accounts Receivable 155



Rent Expense 405



Shareholder Distributions 30



Common Stock 10



Unearned Revenue 42



Tax & Licenses Expense 55



Goodwill (mojo) 1000



Inventory 200








Jul 02, 2021
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