Penny Stock 2013
Need help with my accounting homework?
Just started taking an accounting class and need major help please.
You are provided with the following account balances for Grove Corporation as of its September 30, 2012 year end.
Sales and Marketing Expense5,200
Retained earnings, Oct 116,000
Acc. Depreciation – Equipment4,800
Cost of goods sold17,000
Mortgage Payable ($2,500 due 2013)18,000
Gain on sale of equipment1,200
Short term investments7,500
Income Taxes Payable4,060
Loss due to fire10,000
General and Administrative Expense4,800
Gain on discontinuance of major business segment6,000
Income Tax Rate30%
Prepare an income statement, statement of retained earnings, and classified balance sheet for Grove Corporation for the year ended September 30, 2012.
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