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Problem 4-24 (Algo) Prepare an income statement and balance sheet from.docx

Problem 4-24 (Algo) Prepare an income statement and balance sheet from transaction data LO 4-1 Following are the transactions and adjustments that occurred during the first year of operations at Kissick Company a. Issued 193,000 shares of \$4-par-value common stock for $772 , 000 in cash. b. Borrowed $510 , 000 from Oglesby National Bank and signed a 10% note due in three years. c. Incurred and paid $390 , 000 in salaries for the year. d. Purchased $680 , 000 of merchandise inventory on account during the year. e. Sold inventory costing $590 , 000 for a total of $920 , 000 , all on credit. f. Paid rent of $330 , 000 on the sales facilities during the first 11 months of the year. 9. Purchased $190 , 000 of store equipment, paying $55 , 000 in cash and agreeing to pay the difference within 90 days. h. Pald the entire $135 , 000 owed for store equipment and $610 , 000 of the amount due to suppliers for credit purchases previlously. recorded. i. Incurred and paid vtilities expense of $37 , 000 during the year. 1. Collected $825 , 000 in cash from customers during the year for credit sales previously recorded. k. At year-end, accrued $51 , 000 of interest on the note due to Oglesby National Bank. 1. At year-end, accrued $30 , 000 of past-due December rent on the soles facilites. Required: a. Prepare an income statement (ignoring income taxes) for Kisssick Companys first year of operations and a balance sheet as or the end of the year. (Hint You may tind it heptul to prepare o T-account for the Cosh occount since it is affected by most of the vansactions) Reminder Increases to expenses should be entered as negative numbers to show the impact on net income 5ee Eanibar 43 Complete this question by entering your answers in the tabs below. Prepare an income statement (ignoring income taxes) for Kissick Company's first year of operations as of the end of the year. (Hintz You may find it heipful to prepare a T account for the Cash account since it is affected by most of the transactions, reminder: Increases to expenses showd be entered as negative numbers to show the impact on net income. See Exhbit 43 Complete this question by entering your answers in the tabs below. Prepare an income statement (ignoring income taxes) for Kissick Company's first year of operations as of the end of the year. (Hint: You may find it helpful to prepare a T-account for the Cash account since it is affected by most of the transactions.) Reminder: Increases to expenses should be entered as negative numbers to show the impact on net income. See Exhibit 4.3. Complete this question by entering your answers in the tabs below. Prepare a balance sheet as of the end of the year. (Hint: You may find it helpful to prepare a T-account for the Cash account since it is affected by most of the transactions.) Note: Amounts to be deducted and net loss should be indicated with minus sign. .

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Problem 4-24 (Algo) Prepare an income statement and balance sheet from transaction data LO 4-
1 Following are the transactions and adjustments that occurred during the first year of operations
at Kissick Company a. Issued 193,000 shares of $4-par-value common stock for $772 , 000 in
cash. b. Borrowed $510 , 000 from Oglesby National Bank and signed a 10% note due in three
years. c. Incurred and paid $390 , 000 in salaries for the year. d. Purchased $680 , 000 of
merchandise inventory on account during the year. e. Sold inventory costing $590 , 000 for a
total of $920 , 000 , all on credit. f. Paid rent of $330 , 000 on the sales facilities during the first
11 months of the year. 9. Purchased $190 , 000 of store equipment, paying $55 , 000 in cash and
agreeing to pay the difference within 90 days. h. Pald the entire $135 , 000 owed for store
equipment and $610 , 000 of the amount due to suppliers for credit purchases previlously.
recorded. i. Incurred and paid vtilities expense of $37 , 000 during the year. 1. Collected $825 ,
000 in cash from customers during the year for credit sales previously recorded. k. At year-end,
accrued $51 , 000 of interest on the note due to Oglesby National Bank. 1. At year-end, accrued
$30 , 000 of past-due December rent on the soles facilites. Required: a. Prepare an income
statement (ignoring income taxes) for Kisssick Companys first year of operations and a balance
sheet as or the end of the year. (Hint You may tind it heptul to prepare o T-account for the Cosh
occount since it is affected by most of the vansactions) Reminder Increases to expenses should
be entered as negative numbers to show the impact on net income 5ee Eanibar 43 Complete this
question by entering your answers in the tabs below. Prepare an income statement (ignoring
income taxes) for Kissick Company's first year of operations as of the end of the year. (Hintz
You may find it heipful to prepare a T account for the Cash account since it is affected by most
of the transactions, reminder: Increases to expenses showd be entered as negative numbers to
show the impact on net income. See Exhbit 43 Complete this question by entering your answers
in the tabs below. Prepare an income statement (ignoring income taxes) for Kissick Company's
first year of operations as of the end of the year. (Hint: You may find it helpful to prepare a T-
account for the Cash account since it is affected by most of the transactions.) Reminder:
Increases to expenses should be entered as negative numbers to show the impact on net income.
See Exhibit 4.3. Complete this question by entering your answers in the tabs below. Prepare a
balance sheet as of the end of the year. (Hint: You may find it helpful to prepare a T-account for
the Cash account since it is affected by most of the transactions.) Note: Amounts to be deducted
and net loss should be indicated with minus sign.
Ad

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  • 1. Problem 4-24 (Algo) Prepare an income statement and balance sheet from transaction data LO 4- 1 Following are the transactions and adjustments that occurred during the first year of operations at Kissick Company a. Issued 193,000 shares of $4-par-value common stock for $772 , 000 in cash. b. Borrowed $510 , 000 from Oglesby National Bank and signed a 10% note due in three years. c. Incurred and paid $390 , 000 in salaries for the year. d. Purchased $680 , 000 of merchandise inventory on account during the year. e. Sold inventory costing $590 , 000 for a total of $920 , 000 , all on credit. f. Paid rent of $330 , 000 on the sales facilities during the first 11 months of the year. 9. Purchased $190 , 000 of store equipment, paying $55 , 000 in cash and agreeing to pay the difference within 90 days. h. Pald the entire $135 , 000 owed for store equipment and $610 , 000 of the amount due to suppliers for credit purchases previlously. recorded. i. Incurred and paid vtilities expense of $37 , 000 during the year. 1. Collected $825 , 000 in cash from customers during the year for credit sales previously recorded. k. At year-end, accrued $51 , 000 of interest on the note due to Oglesby National Bank. 1. At year-end, accrued $30 , 000 of past-due December rent on the soles facilites. Required: a. Prepare an income statement (ignoring income taxes) for Kisssick Companys first year of operations and a balance sheet as or the end of the year. (Hint You may tind it heptul to prepare o T-account for the Cosh occount since it is affected by most of the vansactions) Reminder Increases to expenses should be entered as negative numbers to show the impact on net income 5ee Eanibar 43 Complete this question by entering your answers in the tabs below. Prepare an income statement (ignoring income taxes) for Kissick Company's first year of operations as of the end of the year. (Hintz You may find it heipful to prepare a T account for the Cash account since it is affected by most of the transactions, reminder: Increases to expenses showd be entered as negative numbers to show the impact on net income. See Exhbit 43 Complete this question by entering your answers in the tabs below. Prepare an income statement (ignoring income taxes) for Kissick Company's first year of operations as of the end of the year. (Hint: You may find it helpful to prepare a T- account for the Cash account since it is affected by most of the transactions.) Reminder: Increases to expenses should be entered as negative numbers to show the impact on net income. See Exhibit 4.3. Complete this question by entering your answers in the tabs below. Prepare a balance sheet as of the end of the year. (Hint: You may find it helpful to prepare a T-account for the Cash account since it is affected by most of the transactions.) Note: Amounts to be deducted and net loss should be indicated with minus sign.