Explore BrainMass

Format a balance sheet and income statement


A1. (Balance sheet and income statement) Johnson's Scuba Co. has a weird accountant who
reported the balance sheet and income statement items in alphabetical order. Please put
these items in the correct format for a balance sheet and income statement for Johnson's
Scuba Co. for the year ending January 31. All of the data are in thousands of dollars.

Accounts payable 500
Accounts receivable 700
Addition to retained earnings 400
Cash and equivalents 300
Common stock 500
Cost of goods sold 2,000
Depreciation 200
Dividends on common shares 100
Earnings before interest and taxes 800
Earnings before taxes 750
Gross profit 2,000
Interest expense 50
Inventories 500
Long-term debt 1,000
Net income 500
Net plant and equipment 3,000
Notes payable 250
Other current liabilities 400
Retained earnings 1,850
Sales 4,000
Selling, general, and administrative expenses 1,000
Taxes 250
Total assets 4,500
Total current assets 1,500
Total liabilities and equity 4,500
Total current liabilities 1,150
Total liabilities 2,150

Solution Summary

The solution explains how to prepare a balance sheet and income statement from the given account balances