The following financial statement information for Peal Company as for the year 2021:Required Fill the missing amounts. (Hint: There are 6 missing amounts)Note: Write only the final amount. Do not show your calculation.Peal CompanyIncome StatementFor the year ended 2021Net Sales$20,000-1-Cost ofgoods soldGross profit10,500Operatingexpenses-2-SellingexpensesGeneral andadministrative2,800expenseSTotaloperatingexpensesIncome fromoperationsOtherexpensesInterestexpenseNet incomeMoving to another question will save this response.7,3003,2001,200$2,000Peal CompanyStatement of Owner's equityFor 2021$4,0006,0002,000-3-8,000Capital, BeginningbalanceAddInvestmentNet incomeLess:DrawingsCapital, Ending balanceLGAssetsCashPrepaid rentOffice FurnitureComputerEquipmentTotal Assets$35,00010,00010,0005,000$60,000Peal CompanyBalance SheetAs of Dec 31, 2021Liabilities and EquityNotes Payable -6-Owner's equityOwner's capital-5-Total Liabilities 4-& EquityQuestion 9 of 1

The following financial statement information for Peal Company as for the year 2021: Required Fill the missing amounts. (Hint: There are 6 missing amounts) Note: Write only the final amount. Do not show your calculation. Peal Company Income Statement For the year ended 2021 Net Sales $20,000 -1- Cost of goods sold Gross profit 10,500 Operating expenses -2- Selling expenses General and administrative 2,800 expense S Total operating expenses Income from operations Other expenses Interest expense Net income 7.300 3,200 1,200 $2,000 Peal Company Statement of Owner's equity For 2021 $4,000 6,000 2,000 -3- 8,000 Capital, Beginning balance Add: Investment Net income Less: Drawings Capital, Ending balance Assets Cash Prepaid rent Office Furniture Computer Equipment Total Assets $35,000 10,000 10,000 5,000 $60,000 Peal Company Balance Sheet As of Dec 31, 2021 Liabilities and Equity Notes Payable -6- Owner's equity Owner's capital -5- Total Liabilities 4- & Equity

The following financial statement information for Peal Company as for the year 2021: Required Fill the missing amounts. (Hint: There are 6 missing amounts) Note: Write only the final amount. Do not show your calculation. Peal Company Income Statement For the year ended 2021 Net Sales $20,000 -1- Cost of goods sold Gross profit 10,500 Operating expenses -2- Selling expenses General and administrative 2,800 expense S Total operating expenses Income from operations Other expenses Interest expense Net income 7.300 3,200 1,200 $2,000 Peal Company Statement of Owner's equity For 2021 $4,000 6,000 2,000 -3- 8,000 Capital, Beginning balance Add: Investment Net income Less: Drawings Capital, Ending balance Assets Cash Prepaid rent Office Furniture Computer Equipment Total Assets $35,000 10,000 10,000 5,000 $60,000 Peal Company Balance Sheet As of Dec 31, 2021 Liabilities and Equity Notes Payable -6- Owner's equity Owner's capital -5- Total Liabilities 4- & Equity

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 8E: Cost of Goods Sold, Income Statement. and Statement of Comprehensive Income Gaskin Company derives...

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The following financial statement information for Peal Company as for the year 2021: Required: Fill the missing amounts. (Hint: There are 6 missing amounts). Note: Write only the final amount. Do not show your calculation. Peal Company Income Statement For the year ended 2021 Net Sales $12,000 -1- Cost of goods sold Gross profit 6,500 Operating expenses Selling -2- expenses General and administrative expense S Total operating expenses Income from operations Other expenses Interest expense Net income 1,800 4,000 2,500 500 $2,000 Peal Company Statement of Owner's equity For 2021 Capital, Beginning $3,000 balance Add: Investment 10,000 Net income 2,000 Less: Drawings -3- Capital, Ending balance 5,000 Assets Cash $35,000 Prepaid rent 10,000 Office Furniture 10,000 Computer 5,000 Equipment Peal Company Balance Sheet As of Dec 31, 2021 Liabilities and Equity Notes Payable -6- Owner's equity. Owner's capital -5-
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