Problem Homework Week 1 and 2 Financial Statements 2013 2014 Cost of goods sold$ 169,969 $ 214,607 Cash24,524 26,056 Depreciation expense47,980 54,230 Interest expense10,442 11,954 Selling &...

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Problem Homework Week 1 and 2 Financial Statements 20132014 Cost of goods sold$ 169,969$ 214,607 Cash24,52426,056 Depreciation expense47,98054,230 Interest expense10,44211,954 Selling & Administrative expenses33,42543,626 Accounts payable43,34448,090 Net fixed assets211,680264,021 Sales333,426406,427 Accounts receivable17,37822,542 Notes payable19,75721,571 Long-term debt106,848119,976 Inventory36,57050,185 Common Stock91,559111,719 Tax rate20% Dividend payout %50% The information presented below are the 2013 and 2014 adjusted trial balances for HCJ corporation. Prepare an income statement, balance sheet, and statement of retained earnings for each year in good form. Assume a beginning Retained Earnings balance of $0 for 2013. Problem Homework Week 1 and 2 Financial Statements 20132014 Cost of goods sold$ 169,969$ 214,607 Cash24,52426,056 Depreciation expense47,98054,230 Interest expense10,44211,954 Selling & Administrative expenses33,42543,626 Accounts payable43,34448,090 Net fixed assets211,680264,021 Sales333,426406,427 Accounts receivable17,37822,542 Notes payable19,75721,571 Long-term debt106,848119,976 Inventory36,57050,185 Common Stock91,559111,719 Tax rate20% Dividend payout %50% The information presented below are the 2013 and 2014 adjusted trial balances for HCJ corporation. Prepare an income statement, balance sheet, and statement of retained earnings for each year in good form. Assume a beginning Retained Earnings balance of $0 for 2013.
Answered Same DayJan 24, 2022

Answer To: Problem Homework Week 1 and 2 Financial Statements 2013 2014 Cost of goods sold$ 169,969 $ 214,607...

Kiran answered on Jan 24 2022
107 Votes
Problem
    Homework Week 1 and 2
    Financial Statements
        2013    2014
    Cost of goods sold    $ 169,969
    $ 214,607
    Cash    24,524    26,056
    Depreciation expense    47,980    54,230
    Interest expense    10,442    11,954
    Selling & Administrative expenses    33,425    43,626
    Accounts payable    43,344    48,090
    Net fixed assets    211,680    264,021
    Sales    333,426    406,427
    Accounts receivable    17,378    22,542
    Notes payable    19,757    21,571
    Long-term debt    106,848    119,976
    Inventory    36,570    50,185
    Common Stock    91,559    111,719
    Tax rate    20%
    Dividend payout %    50%
    Solution
    HCJ corporation
    Income Statement
    For the year ended____2013
    Sales        333,426
    Less: Cost of Goods sold        $ 169,969
    Gross Margin        163,457
    Less: Operating Expenses
    Depreciation Expenses    47,980
    Selling & Administrative Expense    33,425
     Total Operating expense        81,405
    Net Operating expense        82,052
    Less: Interest expense        10,442
    Income Before taxes        71,610
    Less: Income Tax @ 20%        14,322
    Net...
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