Using the figures below, please construct an (a) income statement and (b) balance sheet for the company: Accounts payable 1,364,592 Accounts receivable 5,154,706 Accrued liabilities 522,802 Accumulated Depreciation (including current charges) -220,487 Advertising 228,335 Cash 584,022 Common stock 1,000 Contributions & donations 56,916 Depreciation (current period) 62,424 Dues, licenses and subscriptions 69,327 Executive salaries 1,271,158 Furniture & fixtures 18,201 Group insurance 118,031 Interest 43,767 Job costs: equipment rentals 627,882 Job costs: indirect 2,934,729 Job costs: labor 6,825,049 Job costs: licenses and permits 46,458 Job costs: materials 9,456,314 Job costs: other direct costs 3,305 Liability insurance 845,001 Machinery & equipment 149,386 Miscellaneous G&A 688,084 Notes payable: long term 1,125,370 Notes payable: short term 400,397 Office equipment & software 295,623 Office supplies 7,597 Prepaid expenses & deposits 157,598 Professional fees: accounting 82,620 Professional fees: IT 47,103 Rent 169,323 Retained earnings (including current period) 4,491,508 Revenue 25,980,778 Selling: meals & entertainment 288,472 Selling: payroll 595,165 Utilities 7,727 Vehicle insurance 135,188 Vehicles 887,741 Work in progress 878,880

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 6MCQ

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Using the figures below, please construct an (a) income statement and (b) balance sheet for the company:

Accounts payable	1,364,592
Accounts receivable	5,154,706
Accrued liabilities	522,802
Accumulated Depreciation (including current charges)	-220,487
Advertising	228,335
Cash	584,022
Common stock	1,000
Contributions & donations	56,916
Depreciation (current period)	62,424
Dues, licenses and subscriptions	69,327
Executive salaries	1,271,158
Furniture & fixtures	18,201
Group insurance	118,031
Interest	43,767
Job costs: equipment rentals	627,882
Job costs: indirect	2,934,729
Job costs: labor	6,825,049
Job costs: licenses and permits	46,458
Job costs: materials	9,456,314
Job costs: other direct costs	3,305
Liability insurance	845,001
Machinery & equipment	149,386
Miscellaneous G&A	688,084
Notes payable: long term	1,125,370
Notes payable: short term	400,397
Office equipment & software	295,623
Office supplies	7,597
Prepaid expenses & deposits	157,598
Professional fees: accounting	82,620
Professional fees: IT	47,103
Rent	169,323
Retained earnings (including current period)	4,491,508
Revenue	25,980,778
Selling: meals & entertainment	288,472
Selling: payroll	595,165
Utilities	7,727
Vehicle insurance	135,188
Vehicles	887,741
Work in progress	878,880

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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