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Tutorial   16496

The following items are taken from the financial statements of LBJ Company for 2010: Accounts Payable $26,500 Accounts Recievable 6,000 Accumulated...

Question:

The following items are taken from the financial statements of LBJ Company for 2010:

Accounts Payable            $26,500

Accounts Recievable      6,000

Accumulated Depreciation          9,600

Bonds Payable  28,000

Cash      44,000

Common Stock 35,000

Cost of Goods Sold          19,000

Depreciation Expense    4,800

Dividends            5,300

Equipment          58,000

Interest Expense             3,500

Patents                9,500

Retained Earnings, January 1      20,000

Salaries Expense              7,200

Sales Revenue  38,500

Supplies               5,500

 

Instructions:

Prepare an income statement and a retained earnings statement for LBJ Company.

 

 

Part-2

The following items are taken from the financial statements of LBJ Company for 2010:

Accounts Payable            $45,000

Accounts Recievable      55,000

Accumulated Depreciation          9,600

Bonds Payable  38,000

Cash      74,000

Common Stock 135,000

Cost of Goods Sold          34,000

Depreciation Expense    4,800

Dividends            7,000

Equipment          50,000

Interest Expense             4,500

Patents                19,500

Retained Earnings, January 1      40,000

Salaries Expense              20,200

Sales Revenue  75,500

Supplies               2,000

 

Instructions:

Prepare an income statement and a retained earnings statement for Calidor Company.

 

 

Part-3

 

The following items are taken from the financial statements of Lansing Company for 2010:

Accounts Payable            $16,500

Accounts Recievable      25,500

Accumulated Depreciation          12,600

Bonds Payable  35,000

Cash      55,000

Common Stock 75,000

Cost of Goods Sold          53,000

Depreciation Expense    6,300

Dividends            5,300

Equipment          35,000

Interest Expense             4,300

Patents                6,500

Retained Earnings, January 1      80,000

Salaries Expense              42,000

Sales Revenue  115,000

Supplies               3,500

 

Instructions:

Prepare an income statement and a retained earnings statement for Lansing Company.