Accounting?
Question:
(thousands)
Cash 72
Accounts Receivable, net 93
Interest receivable 3
Inventory 135
Prepaid expenses 18
Plant assets, net 245
Totals 272
Accounts payable 91
Accrued Liabilities 5
Long term notes payable 160
Common stock 200
Retained earnings 110
Totals 566
Tranactional data (Jan. 1, 04 to March 31, 2004)
Sales on credit 284,000
Returnes to customers (on credit) by March 31,04 45,000
Cost of goods sold 55% of net sales
Collections from customers 271,000
Purchases on account 90,000
Cash on dividends 16,000
Cash paid for equipment 150,000
Payment on loan 18,000
Proceeds from issuance of more common stock 87,000
Proceeds from long term debt 45,000
Payments to suppliers 156,000
Salary expense (cash) 56, 000
Depreciation 14, 000
Write down of obsolete invent. March 31,2004 12,000
Other operating expense (cash) 19,000
Interest expense 4,000
Create a balance sheet, income sheet, cash flow statement ending march 31, 2004
Answer:
That is a bit of work. You will have to do journal entries for all of the transactions.
you cant do that here you need special sheets, you have to organize everything according to what goes in the bank, checks, computers stuff like that
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