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Business · Accounting
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8. ABC Co. had gross sales of $360,000. The company had $30,000 in sales discounts. Total depreciation expense to be taken on the income statement is $20,000. Salary expense is $50,000 Rent expense is $25,000 The applicable tax rate is 20%. Retained earnings had a beginning balance at the start of the year of $125,000 Dividends paid were $13,000. Other adjusted ending balances include Cash ending balance $200,000 Accounts Receivable ending balance of $100,000 Accumulated Depreciation ending balance of $40,000 Allowance for doubtful accounts had $40,000 as an ending balance Supplies had an ending balance of $50,000. Equipment had an ending balance of $230,000 Tax payable needs to be updated from the results of the income statement. There was a long term notes payable with an ending balance of $3,000. Common Stock had a $150,000 ending balance. Prepare a 12/31/2015 balance sheet and income statement for ABC. Appropriate order and presentation should be demonstrated.
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