Use the following data to create an income statement and balance sheet for Colorful Nursery, Inc.
You must use formulas or the sum function to add up the three areas of the balance sheet and the
lines of the income statement. Right justify all numbers and round to the dollar. Underline the
name of the company at the top. Write a short explanation of what you demonstrated with this
assignment.
VintageGifts,Inc.hasjustcollectedthefollowingdatafor2011.Writeabalancesheetandincome
statement.
AccountsReceivable
250,000
AccountsPayable 261,000
CapitalSurplus
170,750
Cash
180,000
CommonStock
300,000
Costs
410,000
DepreciationExpense28,000
Furniture&Fixtures
200,000
Goodwill
50,000
InterestExpense
32,000
Inventory
115,000
Land
505,000
LineofCredit(used)
200,000
LongTermLoan
310,000
RetainedEarnings
?
Sales
575,000
Dividends

10,000
Taxrate
35%