Winterschild Company_Financial statements

| June 7, 2016

Question

Winterschild Company’s Trial Balance at Dec. 31, 2010
Debit Credit
Cash $28,000
Accounts receivable $36,800
Notes receivable $10,000
Interest receivable $0
Merchandize Inventory $36,000
Prepaid insurance $3,800
Land $20,000
Buildings $1,50,000
Equipment $60,000
Patents $9,000
Allowances for doubtful accounts $500
Accumulated depreciation-Buildings $50,000
Accumulated depreciation-Equipment $24,000
Accounts payable $27,300
Salaries and wages payable $0
Unearned rent revenue $6,000
Notes payable(short-term) $11,000
Interest payable $0
Notes payable (Long-term) $35,000
Common stock $1,13,600
Retained earnings $20,000
Sales revenue $8,80,000
Cost of goods sold $6,30,000
Income Tax Expense $12,000
Other Operating Expenses $61,800 $0
Salaries Expense $1,10,000 $0
$11,67,400 $11,67,400
Instructions:
Prepare an income statement
Prepare a stockholder’s equity statement
Prepare a balance sheet

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