13 mountaintop excursions inc has the following information available at december 31 4352204

13.Mountaintop Excursions, Inc. has the following information available at December 31, 2007:

Cost of goods sold$12,000Cash paid for inventory$10,800

Interest payable1,600Buildings40,000

Cash paid for wages6,000Other expenses12,400

Prepaid insurance400Accounts payable3,800

Cash received from


20,000Cash paid for interest1,340

Depreciation expense2,400Common stock23,400

Accounts receivable4,000Cash6,000

Sales revenue33,200Retained earnings?


Prepare an income statement and balance sheet in good form.

14.Transatlantic Corporation had the following account balances at October 31, 2007

Accounts payable$ 18,000

Accounts receivable20,000

Accumulated depreciation8,000


Cost of goods sold300,000



Owners' equity?

Rent expense6,000

Sales revenue380,000

Wages expense48,000


Prepare (a) an income statement for the year ended October 31, 2007 (b) a balance sheet as of October 31, 2007.

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