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McClaren Corporation Income Statement For the Year Ended June 30, 2008 Revenue

McClaren Corporation Income Statement For the Year Ended June 30, 2008 Revenue Sale Revenue $100,000 Total Sales Revenue 100,000 Expenses Expenses, including cost of merchandise sold

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McClaren Corporation Income Statement For the Year Ended June 30, 2008 Revenue

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  1. McClaren Corporation Income Statement For the Year Ended June 30, 2008 Revenue Sale Revenue $100,000 Total Sales Revenue 100,000 Expenses Expenses, including cost of merchandise sold (excluding income taxes) $70,500 Total Expenses 70,500 Pretax Income 29,500 Income tax expense 8,850 Net income 20,650

  2. Income statement Total revenue 100,000 Total expenses - 70,500 Pretax income 29,500 * 30% Income tax expense 8,850 Pretax income 29,500 Income tax expense - 8,850 Net income 20,650

  3. McClaren CorporationStatement of Retained EarningsFor the year ended June 30, 2008 Retained earnings, June 30, 2008 $0 Net income for 2008 20,650 Dividends for 2008 0 Retained earnings, June 30, 2008 $20,650 We didn’t have any retained because it was not the end of the year. We also did not have any dividends declared or paid out for the year 2008. So our retained earnings for June 30, 2008 is 20,650.

  4. McClaren Corporation Balance Sheet For the Year Ended June 30, 2008 Assets Cash $13,150 Receivables from customers 9,500 Inventory 27,000 Equipment owned 66,000 Total assets 115,650 Liabilities Accounts payable owed to suppliers $31,500 Salary payable for 2008 1,500 Total liabilities 33,000 Stockholders equity Contributed capital 62,000 Retained earnings 20,650 Total Stockholder equity 82,650 Total liabilities and Stockholder equity $115,650

  5. Balance Statement We added all of the assets to equal 115,650. We then added all of the liabilities to equal 33,000. Then from the income statement we got retained earnings (20,650) and added that to the contributed capital (62,000) to equal 82,650 for the stockholder equity. The liabilities plus the stockholder equity equals 115,650. In the end the assets equals the liabilities and the stockholders equity.

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