Annabella Inc Module 2 practice problems PDF

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Summary

The concepts and issues associated with corporate financial reporting. Particular emphasis is placed on understanding the role of financial accounting in the economy and how different accounting methods affect the financial statements.
Provides students with a thorough understanding of account...

Description

Annabella, Inc. Income Statement For the Year Ended December 31, 2015 Revenues Sales Cost of Goods Sold Gross Margin Operating Expenses Salary Expense Rent Expense Depreciation Expense Office Expenses Total Operating Expenses Income from Operations Other Revenues & Interest Revenue Interest Expense Total Other Revenues & Expenses Taxable Income Tax Expense Net Income Earnings Per Share

$

$

410,000 200,00 210,00

50,000 36,000 10,000 10,000 106,00 104,00

1,000 (5,000)

$

(4,00 100,00 30,00 70,000

$

14.00

Annabella, Inc. Statement of Owners' Equity For the Year Ended December 31, 2015

Beginning Balances, December 31, 2014 Common Stock Issued Net Income Less: Dividends Declared Ending Balances, December 31, 2015

Common Stock $ 40,000 10,000

$

50,000

Retained Earnings $ 259,000 70,000 (5,000) $ 324,000

Annabella, Inc. Balance Sheet December 31, 2015 Assets Current Assets Cash Accounts Receivable Inventory Total Current Assets Fixed Assets Building Equipment Subtotal Less: Accumulated Depreciation Net Fixed Assets Other Assets Security Deposit Total Other Assets Total Assets

$

58,000 15,000 80,000 153,000

$ 200,000 100,000 300,000

Liabilities & Own Liabiliti Current Liabilitie Accounts Wages Pay Taxes Paya Total Current Lia Long-Term Debt Note Paya Total Liabilities

(20,000) 280,000

Owners' E Common Stock Retained Earning Total Owners' Eq

3,000 $

3,000 436,000

Total Liabilities & Owners' E...