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Income Statement and Balance Sheets Worksheet
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Income Statement and Balance Sheets Worksheet for first year accountants with answers to help prepare for accounting exam.
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Balance SheetsThe following items were taken from the accounting records of a company.
Accounts Payable 57,000 Long-term investments 35,000
Accounts Receivable 32,000 Trademarks 6,000
Building 255,000 Accrued Expenses 9,000
Cash 15,000 Short-term Notes Payable 35,000
Equipment 76,000 Common Stock 1,000
Retained Earnings 411,000 Interest Income 2,000
Prepaid Expenses 12,000 Inventory 82,000
Sales 123,000 Dividends paid 25,000
Salary Expense 22,000 Cost of Goods Sold 62,000
Prepare a balance sheet.
Assets Liabilities
Cash 15,000 Accounts Payable 57,000
Accounts Receivable 32,000 Accrued Expense 9,000
Inventory 82,000 Short Term Notes 35,000
Payable
Prepaid Expenses 12,000 Total Liabilities 101,000
Long Term 35,000 Owners Equity:
Investments
Building 255,000 Common Stock 1,000
Equipment 76,000 Retained Earnings 411,000
Trademarks 6,000 Total Owner's Equity 412,000
Total Assets 513,000 Total Liabilities & O.E. 513,000
Using the following information compile the balance sheet for McGregory Wholesales as at 31st
December 2013:
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