Business Financial Balance Sheet
Business Financial Balance Sheet.
Based on the financial information below, prepare an income statement and a balance sheet for Joe’s-Fly-by-Night Oil company for the year ended December 31, 2012. Unless otherwise indicated, assume all information below is either for the year 2012 or as of December 31, 2012.
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Order Paper NowAccounts receivable………………………………….. $3,000
Accumulated depreciation…………………………… $12,000
Cost of goods sold…………………………………… $4,000
Income tax expense………………………………….. $1,000
Cash………………………………………………….. $5,000
Sales………………………………………………….. $10,000
Equipment (gross)……………………………………. $27,000
Selling, general, & administrative expenses…………. $3,000
Common stock (1,000 shares)………………………… $7,000
Accounts payable……………………………………. $17,000
Retained earnings……………………………………. $13,000
Interest expense……………………………………… $200
Inventory…………………………………………….. $17,000
Long-term debt………………………………………. $3,000
Dividends declared and paid………………………… $600
Business Financial Balance Sheet
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