Orca Company Income Statement For Period Ended April 30th Sales Revenue Sales Revenue 63,000.00 (Sales Discounts) (80.00) (Sales Allowance)- (Sales Return)(1,600.00) Net Sales61,320.00 Cost of Goods Sold (Cost of Goods Sold)(36,700.00) Gross Profit24,620.00 Operating Revenues Service Revenue112,500.00 Dividend Revenue500.00 - Total Operating Revenue113,000.00 Total Revenue137,620.00 Operating Expenses (Salaries Expense)(75,000.00) (Appraisal Expense)(500.00) (Bad Debt Expense)(3,800.00) (Service Fee Expense)(250.00) (Utilities Expense)(6,900.00) (Rent Expense)(2,000.00) (Contingent Loss)(10,000.00) (Depreciation Expense)(3,166.67) (Legal Fee Expense)(1,000.00) (Insurance Expense)(3,000.00) (Supplies Expense)(1,875.00) (Advertising Expense)(14,400.00) Total Operating Expenses(121,891.67) Income/(Loss) from Operations15,728.33 Interest, Gains or Losses Interest Revenue20.00 (Interest Expense)(4,226.90) Gain8,000.00 (Loss)- Income before Taxes19,521.43 (Income Tax Expense - 20%)(3,904.29) Net Income/(Loss)15,617.14 Orca Company Balance Sheet For Period Ending April 30th Current Assets Cash165,520.00 Accounts Receivable35,000.00 (Allowance for Uncollectible Accounts)(2,800.00) Inventory31,800.00 Supplies375.00 Notes Receivable4,000.00 Prepaid Insurance9,000.00 Interest Receivable20.00 Total Current Assets242,915.00 Long-Term Assets Investment30,000.00 Equipment5,538.00 Buildings- (Accumulated Depreciation)(166.67) Trademark18,000.00 Net Long-Term Assets53,371.33 Total Assets296,286.33 Current Liabilities Accounts Payable32,500.00 Contingent Loss Liability10,000.00 Deferred Revenue15,000.00 Salaries Payable30,000.00 Lease Payable2,164.90 Income Tax Payable3,904.29 Interest Payable4,100.00 Total Current Liabilities97,669.19 Long-Term Liabilities Long-Term Notes Payable5,000.00 Bond Payable15,000.00 Total Long-Term Liabilities20,000.00 Total Liabilities117,669.19 Stockholder's Equity Common Stock10,000.00 Additional Paid-in-Capital167,000.00 Treasury Stock(4,000.00) Retained Earnings5,617.14
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