Describe current issues in business and use course concepts to analyze them; Describe the role of business and capitalism in the economy.

Chapter 14 Objective: In what terms does the balance sheet describe the financial condition of the company? How does the income statement report a firm’s profitability?

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1. Your firm has been hired to help several small businesses with their year-end financial statements. a. Based on the following account balances, prepare the Marbella Design Enterprises balance sheet as of December 31, 2019:

Cash $30,250

Accounts payable $28,500

Fixtures and furnishings $85,000

Notes payable $15,000

Retained earnings $64,350

Accounts receivable $24,050

Inventory $15,600

Equipment $42,750

Accumulated depreciation on fixtures and furnishings $12,500

Common shares (50,000 shares at $1) $50,000

Long-term debt $25,000

Accumulated depreciation on equipment $7,800

Marketable securities $13,000

Income taxes payable $7,500

2. The following are the account balances for the revenues and expenses of the Windsor Gift Shop for the year ending December 31, 2019. Prepare the income statement for the shop.

Rent $15,000

Salaries $23,500

Cost of goods sold $98,000

Utilities $8,000

Supplies $3,500

Sales $195,000

Advertising $3,600

Interest $3,000

Taxes $12,120

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