Prepare Health Care Staffing Agency Hcsa Income Statement Statement
Prepare Health Care Staffing Agency (HCSA) income statement, statement of retained earnings, and balance sheet for the year ending December 31, 2018. The following information is all that is available. Be sure to prepare proper headings and dates on each financial statement. Capital stock $41,000 Wage expense 3,700,000 Revenue 9,000,000 Cash 9,000 Utilities expense 60,000 Beginning retained earnings 110,000 Rent expense 60,000 Accounts payable 4,000 Equipment 80,000 Dividends 5,000 Accounts receivable 19,000 Notes payable 20,000.
Paper For Above instruction
Income Statement for the Year Ended December 31, 2018
Revenues
$9,000,000 Expenses: Wage Expense
$3,700,000 Utilities Expense
$60,000 Rent Expense
$60,000 Total Expenses
$3,820,000 Net Income
$5,180,000
Statement of Retained Earnings for the Year Ended December 31, 2018 Beginning Retained Earnings
$110,000
Add: Net Income
$5,180,000
Less: Dividends
$5,000
Ending Retained Earnings
$5,285,000
Balance Sheet as of December 31, 2018 Assets
Current Assets: Cash
$9,000 Accounts Receivable
$19,000
Total Current Assets
$28,000
Property, Plant, and Equipment: Equipment
$80,000
Total Assets
$108,000
Liabilities and Shareholders' Equity
Liabilities:
Accounts Payable
$4,000
Notes Payable
$20,000
Total Liabilities
$24,000
Shareholders' Equity:
Capital Stock
$41,000
Retained Earnings (End of Year)
$5,285,000
Total Shareholders' Equity
$5,326,000
Total Liabilities and Shareholders' Equity
$108,000
References
Anthony, R., & Govindarajan, V. (2014). Management Control Systems. McGraw-Hill Education. Bragg, S. (2016). Financial Analysis: A Controller’s Guide. Wiley. Gibson, C. H. (2013). Financial Reporting and Analysis. Cengage Learning.
Horngren, C. T., Sundem, G. L., & Elliott, J. A. (2013). Introduction to Financial Accounting. Pearson. Wild, J. J., Subramanyam, K. R., & Halsey, R. F. (2014). Financial Statement Analysis. McGraw-Hill Education.
Higgins, R. C. (2012). Analysis for Financial Management. McGraw-Hill Education.
Penman, S. H. (2012). Financial Statement Analysis and Security Valuation. McGraw-Hill Education.
White, G. I., Sondhi, A. C., & Fried, D. (2003). The Analysis and Use of Financial Statements. Wiley. Fabozzi, F. J., & Peterson Drake, P. (2014). Finance Students Fundamentals of Financial Management. Wiley.
Ross, S. A., Westerfield, R. W., & Jordan, B. D. (2013). Fundamentals of Corporate Finance. McGraw-Hill Education.