Describe current issues in business and use course concepts to analyze them; Describe the role of business and capitalism in the economy.
Chapter 14 Objective: In what terms does the balance sheet describe the financial condition of the company? How does the income statement report a firm’s profitability?
1. Your firm has been hired to help several small businesses with their year-end financial statements. a. Based on the following account balances, prepare the Marbella Design Enterprises balance sheet as of December 31, 2019:
Accounts payable $28,500
Fixtures and furnishings $85,000
Notes payable $15,000
Retained earnings $64,350
Accounts receivable $24,050
Accumulated depreciation on fixtures and furnishings $12,500
Common shares (50,000 shares at $1) $50,000
Long-term debt $25,000
Accumulated depreciation on equipment $7,800
Marketable securities $13,000
Income taxes payable $7,500
2. The following are the account balances for the revenues and expenses of the Windsor Gift Shop for the year ending December 31, 2019. Prepare the income statement for the shop.
Cost of goods sold $98,000
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