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Business · Accounting
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Below are the transactions and adjustments that oocurred during the first year of operations at Kissick Co a. Issued 194,000 shares of S6-par-value common stock for $1,164,000 in cash. b. Borrowed $530,000 from Oglesby National Bank and signed a 11 % note due in three years. c. Incurred and paid $410,000 in salaries for the year d. Purchased $680,000 of merchandise inventory on account during the year e. Sold inventory costing $580,000 for a total of $920,000, all on credit f. Paid rent of $110,000 on the sales facilities during the first 11 months of the year, g. Purchased $170,000 of store equipment, paying $52,000 in cash and agreeing to pay the difference within 90 days. h. Paid the entire $118,000 owed for store equipment and $610,000 of the amount due to suppliers for credit purchases previously recorded i. Incurred and paid utilities expense of $36,000 during the year j. Collected S825,000 in cash from customers during the year for credit sales previously recorded k. At year-end, accrued $58,300 of interest on the note due to Oglesby National Bank I. At year-end, accrued $10,000 of past-due December rent on the sales facilities. a. Prepare an income statement (ignoring income taxes) for Kissick Co.s first year of operations and a balance sheet as of the end of the year. (Hint: You may find it helpfui to prepare T-accounts for each account affected by the transa KISSICK co.(Amounts to be deducted and net loss should be indicated with minu KISSICK cO Balance Sheet Assets: Total current assets Total assets Liabilities: Total current liabilities Total liabilities Stockholders Equity: Total Stockholders equity Total liabilities and stockholders equity

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