Answer To: Instructor: E Glendale Community College Business Division Team Project Spring 2021 Accounting 102 –...
Riddhi answered on May 28 2021
1. Balance sheet
Particulars
Amount
Current assets
Cash
401075
Account’s receivable
107775
Inventory
Other current assets
508850
Long term assets
Long term assets
0
Accumulated depreciation
0
Total long-term assets
0
Total Assets
508850
Liabilities and capital
Accounts Payable
210460
Current Borrowings
0
Other Current Liabilities
115356
Subtotal current liabilities
325816
Long-term Liabilities
0
Total Liabilities
325816
Paid-in capital
10000
Retained earnings
Earnings
173034
Total Capital
183034
Total Liabilities and capital
508850
2. Income statement
Particulars
Q1
Q2
Q3
Total
Sales
47,900
119000
359250
526150
47,900
1,19,000
3,59,250
5,26,150
Direct Cost of sales
19,160
47,600
1,43,700
2,10,460
Gross Margin
28,740
71,400
2,15,550
3,15,690
Expenses
Payroll
3000
4500
9000
16500
Rent
1000
1000
1000
3000
Utilities
800
800
800
2400
Insurance
1000
1000
1000
3000
General and administrative exp
800
800
800
2400
Profit after interest and taxes
22,140
63,300
2,02,950
288390
Interest
0
0
0
0
Taxes
8,856...