Following is a list of financial statement items and amounts for Vantage Service as of 12/31/Year 1, the end of its first year in operation. Accounts Receivable $ 40,000Accounts Payable 30,000Cash 10,000Common Stock 20,000Notes Payable 10,000Equipment 50,000Sales Revenue 100,000Fuel Expense 10,000Rent Expense 15,000Advertising Expense 5,000Salaries and Wages Expense 20,000Retained Earnings ?Dividends 10,000 Required:Prepare the income statement for the year ended December 31, Year 1.Prepare the statement of retained earnings for the year ended December 31, Year 1.Prepare the balance sheet for the year ended December 31, Year 1.

Which financial statement displays the revenues and expenses of a company for a period of time?Group of answer choicesStatement of Financial PerformanceStatement of Financial PositionCash Flow StatementBalance SheetRetained Earnings

Statement of Financial Position (sebelum koreksi) Marine CompanyPer 31 Desember 2024 (dalam rupiah)ASSETCash 5,000,000Account Receivable 100,000Equipment – Machine 10,000,000Accumulated Depreciation – Machine (2,000,000) Supplies 8,000,000Total Asset 21,100,000LIABILITIES AND EQUITYAccount Payable 11,100,000Owner’s Equity 10,000,000Total Liabilities and Equity 21,100,000 Income Statement (sebelum koreksi) Marine CompanyPer 31 Desember 2024 (dalam rupiah)RevenueSales Revenue 13,063,000 Rent Revenue Total Revenue 1,000,000 14,063,000Expenses Insurance Expense 500,000 Depreciation Expense 200,000 Salaries & Wages Expense Total Expenses 5,000,000 5,700,000Income before tax 8,363,000Income tax (40%) 3,345,200Income after tax 5,017,800Pada akhir 2024 diketahui temuan-temuan berikut:1. Penyusutan mesin pada bulan Maret dicatat Rp1.000.000 yang seharusnya Rp1.100.000.2. Pada 17 Juni belum mencatat pendapatan dari sewa gudangnya sebesar Rp500.000.3. Transaksi pembelian bahan habis pakai pada 25 Desember dicatat sebagai pembelian tunai yang seharusnya pembelian secara kredit sebesar Rp2.000.000, belum dilunasi sampai 31 Des.4. Setelah melakukan stock opname diketahui sisa barang di gudang yaitu sebanyak Rp6.500.0005. Kesalahan pencatatan transaksi penjualan kredit seharusnya Rp6.400.000 dicatat Rp5.000.000 (pencatatan cost of goods sold sudah benar).Diminta:Buatlah statement of financial position setelah koreksi

The income statement shows the profit generated by a company over a period of time. Can you list a few cost items that must be included in the income statement in order to determine the profit earned by a company for the year?25 Responses

Required informationSkip to question[The following information applies to the questions displayed below.]Summary information from the financial statements of two companies competing in the same industry follows.  Barco Company Kyan Company   Barco Company Kyan CompanyData from the current year-end balance sheets     Data from the current year’s income statement    Assets     Sales $ 780,000 $ 907,200Cash $ 19,500 $ 33,000 Cost of goods sold 590,100 630,500Accounts receivable, net 36,400 59,400 Interest expense 8,000 13,000Merchandise inventory 84,240 130,500 Income tax expense 14,992 25,045Prepaid expenses 5,600 7,500 Net income 166,908 238,655Plant assets, net 320,000 305,400 Basic earnings per share 4.17 5.79Total assets $ 465,740 $ 535,800 Cash dividends per share 3.74 4.03Liabilities and Equity     Beginning-of-year balance sheet data    Current liabilities $ 71,340 $ 103,300 Accounts receivable, net $ 30,800 $ 55,200Long-term notes payable 78,800 105,000 Merchandise inventory 63,600 105,400Common stock, $5 par value 200,000 206,000 Total assets 448,000 392,500Retained earnings 115,600 121,500 Common stock, $5 par value 200,000 206,000Total liabilities and equity $ 465,740 $ 535,800 Retained earnings 98,292 48,8812a. For both companies compute the (a) profit margin ratio, (b) total asset turnover, (c) return on total assets, and (d) return on equity. Assuming that each company’s stock can be purchased at $90 per share, compute their (e) price-earnings ratios and (f) dividend yields.2b. Identify which company’s stock you would recommend as the better investment.

On October 1, Allison Corporation declared a $72,000 cash dividend to be paid on December 15 to shareholders of record on November 1. Which of the following shows how Allison’s financial statements will be affected on December 15?Multiple ChoiceBalance Sheet Income Statement Statement of Cash FlowsAssets = Dividends Payable + Common Stock + Retained Earnings Revenues − Expenses = Net IncomeNA   NA   NA   NA NA   NA   NA NABalance Sheet Income Statement Statement of Cash FlowsAssets = Dividends Payable + Common Stock + Retained Earnings Revenues − Expenses = Net IncomeNA   $72,000   NA   $(72,000) NA   NA   NA $(72,000) FinancingBalance Sheet Income Statement Statement of Cash FlowsAssets = Dividends Payable + Common Stock + Retained Earnings Revenues − Expenses = Net Income$(72,000)   $(72,000)   NA   NA NA   NA   NA $(72,000) FinancingBalance Sheet Income Statement Statement of Cash FlowsAssets = Dividends Payable + Common Stock + Retained Earnings Revenues − Expenses = Net IncomeNA   $72,000   NA   $(72,000) NA   NA   NA NA