Comprehensive Financial Statement
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Comprehensive Financial Statement Preparation
The following information was obtained from the records of Wilcox, Inc., as of December 31,2006.
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 42,500
Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . 197,550
Salaries expense . . . . . . . . . . . . . . . . . . . . . . 125,350
Utilities expense . . . . . . . . . . . . . . . . . . . . . . 5,250
Accounts payable . . . . . . . . . . . . . . . . . . . . . $ 38,050
Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . 389,950
Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,500
Retained earnings (1/1/06) . . . . . . . . . . . . . . . 311,000
Capital stock (2,000 shares outstanding) . . . . 65,000
Accounts receivable . . . . . . . . . . . . . . . . . . . 90,000
Supplies expense . . . . . . . . . . . . . . . . . . . . . 110,600
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ?
Notes payable (long-term) . . . . . . . . . . . . . . . 63,800
Rent expense . . . . . . . . . . . . . . . . . . . . . . . . 21,200
Dividends in 2006 . . . . . . . . . . . . . . . . . . . . . 95,500
Other expenses . . . . . . . . . . . . . . . . . . . . . . . 11,250
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . 35,000
Required:
1.Prepare an income statement for the year ended December 31, 2006.
2.Prepare a balance sheet as of December 31, 2006. What is the cash balance?
3.Why is the balance in Retained Earnings so large as compared with the balance in Capital Stock?
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Solution Summary
Excel file contains income statement and balance sheet.
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