Baird Company began operations on January 1, 2018, by issuing common stock for $32,000 cash. During 2018, Baird received $56,400 cash from revenue and incurred costs that required $38,400 of cash payments. Required Prepare a GAAP-based income statement and balance sheet for Baird Company for 2018, under each of the following independent scenarios: Baird is a promoter of rock concerts. The $38,400 was paid to provide a rock concert that produced the revenue. Prepare
A. Balance Sheet Balance Sheet as of 12/31/2018 Assets Cash 0 Total assets $0 Equity Common stock $32,000 Retained earnings 18,000 0 Total equity $50,000
****Can you please provide step by step on the balance sheet****
1) INCOME STATEMENT
Income from revenue =. $56400
Less: Revenue cost =. $ 32000
Net Revenue = $18000
. BALANCESHEET OF BAIRED Company
LIABILITY (A)
Equity share captal $32000
Retained earings. $18000
TOTAL LIABILITY. $ 50000
ASSETS (B)
Cash (working note). $50000
TOTAL ASSETS $ 50000
working note
calculation of cash
Cash Received from common stock =. $32000
Cash Received from revenue. =. $ 56400
Less,.: Cash Paid for revenue cost. = $38400
Net cash =. $50000
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