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Zielflug [23.3K]
2 years ago
12

The business was started when Nimmo Corp.

Business
1 answer:
n200080 [17]2 years ago
4 0

Answer:

Income:

sales revenue 1,440,000

COGS            <u>    870,000    </u>

Income              570,000

Balance Sheet:

Cash               1,873,200.00

Inventory      <u>    270,000.00  </u>

Total Assets    2,143,200.00  

Liabilities:

Accounts payable 1,140,000.00

Sales tax payable <u>    43,200.00   </u>

Total Liab               1,183,200.00

Equity:

Common Stock       390,000

RE                          <u>   570,000   </u>

Total                         960,000

Total Liab + Equity 2,143,200.00  

Cash flow

from operating activities

from sale                            1,483,200

from financing

issuance of common stock 390,000

Total cash                      1,873,200.00

 

Q: prepare financial statement

Explanation:

First we do the net income

which is the sales revenue less the COGS

the sales tax is not revenue We are witholding in favor of the gevernment.

Then, we do the cash flow statement.

Last, the balance sheet.

inventory will be the purhcase less the used in the sale

the net income will be posted under retained earnings

the cash balance should bethe one calcualted on the cash flwo statement.

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