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    Format For Financial Statements

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    Min Zen
    ABC's net income for 2010 was $15,900. Their retained earnings increased from $7,500 to $23,400 after adding net income and subtracting owner withdrawals. As of December 31, 2010 ABC had total assets of $204,400 including current assets of $107,400 and non-current assets of $59,500 and total liabilities of $93,000 including current liabilities of $43,500 and non-current liability of $49,500 leaving total shareholder's equity of $111,400.

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    Format For Financial Statements

    Uploaded by

    Min Zen
    63 views2 pages
    ABC's net income for 2010 was $15,900. Their retained earnings increased from $7,500 to $23,400 after adding net income and subtracting owner withdrawals. As of December 31, 2010 ABC had total assets of $204,400 including current assets of $107,400 and non-current assets of $59,500 and total liabilities of $93,000 including current liabilities of $43,500 and non-current liability of $49,500 leaving total shareholder's equity of $111,400.

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    format for financial statement

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    Format for Financial Statements

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    ABC's net income for 2010 was $15,900. Their retained earnings increased from $7,500 to $23,400 after adding net income and subtracting owner withdrawals. As of December 31, 2010 ABC had total assets of $204,400 including current assets of $107,400 and non-current assets of $59,500 and total liabilities of $93,000 including current liabilities of $43,500 and non-current liability of $49,500 leaving total shareholder's equity of $111,400.

    Copyright:

    © All Rights Reserved
    Download as XLS, PDF, TXT or read online from Scribd
    Download as xls, pdf, or txt
    63 views2 pages

    Format For Financial Statements

    Uploaded by

    Min Zen
    ABC's net income for 2010 was $15,900. Their retained earnings increased from $7,500 to $23,400 after adding net income and subtracting owner withdrawals. As of December 31, 2010 ABC had total assets of $204,400 including current assets of $107,400 and non-current assets of $59,500 and total liabilities of $93,000 including current liabilities of $43,500 and non-current liability of $49,500 leaving total shareholder's equity of $111,400.

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    ABC

    Income Statement for the year ended 31 Dec 2010

    less
    less
    less

    less

    Sales
    Sales returns
    Net sales
    COGS
    Gross profit
    Operating expenses
    Selling expenses
    Sales salaries
    Advertising
    Utilities
    Rent
    Depreciation
    Supplies
    Admin expenses
    Salaries
    Rent
    Utilities
    Repairs
    Bad debt exp
    Income from operations
    Other expenses
    Interest expense
    Net income

    756,700
    3,700
    753,000
    496,900
    256,100

    97,500
    25,900
    10,700
    18,700
    15,500
    1,500

    169,800

    41,500
    4,300
    2,300
    11,600
    200

    59,900
    26,400
    10,500
    15,900

    ABC
    Statement of Retained Earnings for the year ended 31 Dec 2010
    Retained earnings, 1 Jan 2010
    add Net profit
    less Drawing (Withdraw)
    Retained earnings, 31 Dec 2010

    If

    7,500
    15,900
    given
    23,400

    ABC
    Balance Sheet as at 31 Dec 2010

    less

    less
    less

    Current assets
    Cash
    Account Receivable
    Allowance for doubtful accounts
    Store supplies
    Inventory
    Total current assets
    Non-current assets
    Store equipment
    Accumulated depreciation
    Delivery equipment
    Accumulated depreciation
    Total non-current assets
    Total assets
    Current liabilities
    Account Payable
    Interest payable
    Total current liabilities
    Non-current liability
    Note Payable
    Total liabilities
    Shareholders' equity
    Common stock
    Retained earnings
    Total shareholders' equity
    Total liabilities and shareholders' equity

    26,200
    36,900
    (3,200)

    33,700
    3,000
    44,500
    107,400

    84,500
    (25,000)
    47,500
    (10,000)

    59,500
    37,500
    97,000
    204,400
    33,000
    10,500
    43,500
    49,500
    93,000
    88,000
    23,400

    Note: Work out net income first, then retained earning.


    The new retained earning is to be used in the balance sheet

    111,400
    204,400

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