Assignment Question:
The following items are taken from the financial statements of Planxty Ltd. for 2010:
Income tax expense$ 1,000
Accounts payable 19,500
Accounts receivable 4,000
Accumulated depreciation - equipment 4,800
Bonds payable 18,000
Cash 22,000
Common shares (2,500 shares issued) 25,000
Cost of goods sold 12,000
Depreciation expense 4,800
Dividends 300
Equipment 48,000
Goodwill 7,500
Interest expense 3,500
Retained earnings, beginning 16,000
Salaries expense 8,200
Sales revenue 32,500
Supplies 4,500
Share price 4
Instructions
(a) Prepare a statement of earnings for Planxty Ltd. for the year ended December 31, 2010 in proper format
(b) Prepare a statement of retained earnings for Planxty Ltd. for the year ended December 31, 2010 in proper format
(c) Prepare a classified balance sheet for Planxty Ltd. At December 31, 2010 in proper format