Accounting

posted by .

Ferguson Company was started in 2008 when it acquired $60,000 from the issue of common stock. The following data summarize the company's first years' operating activities. Assume that all transactions were cash transactions.
2008 2009 2010
Purchase of Inve 24,000 12,000 25,500
Sales 26,000 30,000 36,000
Cost goods sold 13,400 18,500 20,000
Selling & administrative expenseses (2008)5,500 (2009)8,200 (2010)10,100
Required
Prepare an income statement (use the multistep format) and balence sheet for each fiscal year. (Hint: Record the transaction data for each accounting period in the accounting equation before preparing the statements for that year.)

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. accounting

    I need help in preparing the following: 1) record the 2008 transactions in journal form. 2) prepared the stockholders equt7y section of the company balance sheet as of December 31, 2008. Assume net income for the year is $4000, 000 …
  2. accounting

    P13-4A The following financial information is for Inca Company. INCA COMPANY Balance Sheets December 31 Assets 2007 2006 Cash $ 70,000 $ 65,000 Short-term investments 55,000 40,000 Receivables 104,000 90,000 Inventories 230,000 125,000 …
  3. investing

    The following account balances relate to the stockholders' equity accounts of Gore Corp. at year-end. 2008 2007 Common stock, 10,500 and 10,000 shares, respectively, for 2008 and 2007 $160,000 $140,000 Preferred stock, 5,000 shares …
  4. Accounting

    Partial balance sheets for ABC Company and additional information are provided below. ABC Company, Partial Balance Sheets, As of December 31 2009 2008 Equipment $100,000 $75,000 Accumulated depreciation (25,000) (20,000) Common stock, …
  5. accounting

    (TCO 8) Partial balance sheets for ABC Company and additional information are provided below. ABC Company, Partial Balance Sheets, As of December 31 2009 2008 Equipment $100,000 $75,000 Accumulated depreciation (25,000) (20,000) Common …
  6. accounting

    Partial balance sheets for ABC Company and additional information are provided below. ABC Company, Partial Balance Sheets, As of December 31 2009 2008 Equipment $100,000 $75,000 Accumulated depreciation (25,000) (20,000) Common stock, …
  7. Financial Accounting

    Incentive Corporation was organized in 2009 to operate a financial consulting business. The charter authorized the following capital stock: common stock, par value $4 per share. 12,000 shares. During the first year, the following selected …
  8. accounting

    Schumacher Company uses the perpetual inventory system, and it engaged in the following transactions during 2012: 1) Started the business by issuing common stock for $7,500 cash 2) Paid cash to purchase $5,000 of inventory 3) Sold …
  9. accounting

    PA11-4 Comparing Stock and Cash Dividends [LO2, LO3, LO4] Ritz Company had the following stock outstanding and Retained earnings at December 31, 2010: Common stock (par $1; outstanding, 500,000 shares) $ 500,000 Preferred stock, 8% …
  10. Excelsior

    he following transactions occurred during March 2009 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 30,000 shares of common stock in exchange for $300,000 in cash. 2. Purchased equipment …

More Similar Questions