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

customers

20,000Cash paid for interest1,340

Depreciation expense2,400Common stock23,400

Accounts receivable4,000Cash6,000

Sales revenue33,200Retained earnings?

Required:

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

Cash12,000

Cost of goods sold300,000

Equipment44,000

Inventory28,000

Owners' equity?

Rent expense6,000

Sales revenue380,000

Wages expense48,000

Required:

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

Posted in Uncategorized