Here are selected balances for BeaverCreek Inc for December 31, 2012:
Required:
A. Prepare the balance sheet for BeaverCreek Inc. with items classified as current and non-current.
B. Prepare the statement of comprehensive income.
C. Determine the missing amounts:
Year 1 Year 2 Year 3
Revenues 1,000,000 3,500,000
Less: Sales returns 200,000 300,000
Net sales 900,000 2,800,000
Cost of goods
-Beginning inventory 250,000 200,000 250,000
-Purchases 600,000 350,000
-Ending inventory (200,000)
Gross profit 450,000 550,000 500,00

Question

Here are selected balances for BeaverCreek Inc for December 31, 2012:
  Required:
A. Prepare the balance sheet for BeaverCreek Inc. with items classified as current and non-current.
B. Prepare the statement of comprehensive income.
C. Determine the missing amounts:
Year 1 Year 2 Year 3
Revenues 1,000,000 3,500,000
Less: Sales returns 200,000 300,000
Net sales 900,000 2,800,000
Cost of goods
-Beginning inventory 250,000 200,000 250,000
-Purchases 600,000 350,000
-Ending inventory (200,000)
Gross profit 450,000 550,000 500,00

Quizplus · Accepted Answer

The Answer of Here are selected balances for BeaverCreek Inc for December 31, 2012:
  Required:
A. Prepare the balance sheet for BeaverCreek Inc. with items classified as current and non-current.
B. Prepare the statement of comprehensive income.
C. Determine the missing amounts:
Year 1 Year 2 Year 3
Revenues 1,000,000 3,500,000
Less: Sales returns 200,000 300,000
Net sales 900,000 2,800,000
Cost of goods
-Beginning inventory 250,000 200,000 250,000
-Purchases 600,000 350,000
-Ending inventory (200,000)
Gross profit 450,000 550,000 500,00

Here Are Selected Balances for BeaverCreek Inc for December 31