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  • Fiberific List of Accounts

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    dave
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    Fiberiffic's accountant must prepare an income statement and balance sheet using the company's accounts, including assets like land, buildings, and equipment; liabilities such as accounts payable and bonds payable; and income and expense items like sales, purchases, salaries, and utilities. The tax rate is 33%. Common stock is $316,000 and retained earnings are $243,300. Assets exceed liabilities on the balance sheet.

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    Fiberiffic's accountant must prepare an income statement and balance sheet using the company's accounts, including assets like land, buildings, and equipment; liabilities such as accounts payable and bonds payable; and income and expense items like sales, purchases, salaries, and utilities. The tax rate is 33%. Common stock is $316,000 and retained earnings are $243,300. Assets exceed liabilities on the balance sheet.

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    7 views2 pages

    Fiberific List of Accounts

    Uploaded by

    dave
    Fiberiffic's accountant must prepare an income statement and balance sheet using the company's accounts, including assets like land, buildings, and equipment; liabilities such as accounts payable and bonds payable; and income and expense items like sales, purchases, salaries, and utilities. The tax rate is 33%. Common stock is $316,000 and retained earnings are $243,300. Assets exceed liabilities on the balance sheet.

    Copyright:

    © All Rights Reserved
    Download as RTF, PDF, TXT or read online from Scribd
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    Income Statements and Balance Sheets

    As the accountant for Fiberiffic, it is your job to prepare the companys Income
    Statement and Balance Sheet. Us the accounts listed below to construct the
    statements. Assume that the tax rate is 33%.
    List of Accounts
    For
    FIBERIFFIC
    Balance Sheet Items
    Accounts Receivable
    Land
    Notes Receivable
    Accounts Payable
    Common Stock
    Notes Payable (Long term)
    Retained Earnings
    Cash
    Notes Payable (Current)
    Buildings
    Equipment and Vehicles
    Goodwill
    Bonds Payable
    Ending Inventory

    $20,100
    250,000
    10,200
    7,500
    316,000
    35,000
    243,300
    12,000
    2,600
    175,000
    111,000
    15,000
    10,000
    21,100

    Income Statement Items


    Insurance Expenses
    Interest Expenses
    Net Sales
    Ending Inventory
    Beginning Inventory
    Advertising Expense
    Salaries
    Merchandise Purchased
    Rent
    Utilities

    9,000
    4,100
    175,500
    21,100
    25,800
    15,000
    30,000
    52,800
    2,300
    1,400

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