The following financial statement information for Peal Company as for the year 2021: Required Fill the missing amounts. (Hint: There are 6 missing amounts) Note: Write only the final amount. Do not show your calculation. Peal Company Income Statement For the year ended 2021 Net Sales $20,000 -1- Cost of goods sold Gross profit 10,500 Operating expenses -2- Selling expenses General and administrative 2,800 expense S Total operating expenses Income from operations Other expenses Interest expense Net income 7.300 3,200 1,200 $2,000 Peal Company Statement of Owner's equity For 2021 $4,000 6,000 2,000 -3- 8,000 Capital, Beginning balance Add: Investment Net income Less: Drawings Capital, Ending balance Assets Cash Prepaid rent Office Furniture Computer Equipment Total Assets $35,000 10,000 10,000 5,000 $60,000 Peal Company Balance Sheet As of Dec 31, 2021 Liabilities and Equity Notes Payable -6- Owner's equity Owner's capital -5- Total Liabilities 4- & Equity
The following financial statement information for Peal Company as for the year 2021: Required Fill the missing amounts. (Hint: There are 6 missing amounts) Note: Write only the final amount. Do not show your calculation. Peal Company Income Statement For the year ended 2021 Net Sales $20,000 -1- Cost of goods sold Gross profit 10,500 Operating expenses -2- Selling expenses General and administrative 2,800 expense S Total operating expenses Income from operations Other expenses Interest expense Net income 7.300 3,200 1,200 $2,000 Peal Company Statement of Owner's equity For 2021 $4,000 6,000 2,000 -3- 8,000 Capital, Beginning balance Add: Investment Net income Less: Drawings Capital, Ending balance Assets Cash Prepaid rent Office Furniture Computer Equipment Total Assets $35,000 10,000 10,000 5,000 $60,000 Peal Company Balance Sheet As of Dec 31, 2021 Liabilities and Equity Notes Payable -6- Owner's equity Owner's capital -5- Total Liabilities 4- & Equity
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 8E: Cost of Goods Sold, Income Statement. and Statement of Comprehensive Income Gaskin Company derives...
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