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Business · Accounting
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McGuire Corporation began operations in 2018. The company purchases computer equipment from manufacturers and then sells to retail stores. During 2018, the bookkeeper used a check register to record all cash receipts and cash disbursements. No other journals were used. The following is a recap of the cash receipts and disbursements made during the year Cash receipts: Sale of coemon stock Collections from customers Borrowed from local bank on April 1, note signed requiring s 47,580 285,0a principal and interest at 12% to be paid on March 31, 2019 27,000 Total cash receipts $359,588 Cash disbursements: Purchase of merchandise Payment of salaries and wages Purchase of office equipment Payment of rent on building Miscellaneous expenses $177,500 65,508 28,500 8,758 10,100 $290,350 Total cash disbursements You are caled in to prepare financial statements at December 31. 2018. The following additional information was provided to you 1. Customers owed the company $15,500 at year-end 2. At year-end. $26.950 was still due to suppliers of merchandise purchased on credit 3. At year-end. merchandise inventory costing $42.200 still remained on hand 4. Salaries and wages owed to employees at year-end amounted to $4.050 5. On December 1 $1950 in rent was paid to the owner of the building used by McGuire This represented rent for the months of December through February 6. The office equipment, which has a 10-year Ife and no salvage value. was purchased on January 1: 2018 Straightiline depreciation is used. Required: epare an income statement for 2018 and s balance sheet as ot Decenmber 31.:2018 (for Balance Sheet only, Items to be deducted Prav HP Support 1-800-4
Prepare an income statement for 2018 and a balance sheet as of December 31, 201B. (For Balance Sheet only, Items to be deducted must be Indiceted wilth a negative amount) 3 Answer is not complete. Complete this question by entering your answers in the tabs belo Income Statement :Balance Prepare an income staternent for 2018 31, 2018 Seles revenue Cost of goods sold Gross profit Operating expenses Salaries and wages expense Rent expense Total operating expenses Operating income
Current asset Inventory Prepaid rent Total current assets Office equipment 0 Total assets Liabilities and Shareholders Equity Current liabilities Accounts payable Salaries and wages payable Note payable Total current liablities Property and equipment Total assets
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