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Preparation and Interpretation of Financial Statements
The following financial statement accounts and amounts are from the records of Jackson Realty for the year ended April 30, 20×7, the company’s first year of operations:
Accounts payable $ 19,000
Accounts receivable 104,000
Commissions earned 375,000
Common stock 100,000
Income taxes expense 27,000
Income taxes payable 6,000
Marketing expense 18,000
Office and equipment rent expense 91,000
Salaries and commission expense 172,000
Salaries payable 78,000
Supplies expense 6,000
Utilities expense 11,000
1. Prepare an income statement, statement of retained earnings, balance sheet, and statement of cash flows for Jackson Realty. For examples, refer to Exhibit 5.
2. From the statement of cash flows, does it appear that Jackson Realty will need to borrow money to continue operations? Why or why not?
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