P13_2 and P13_5_Missing figures
accountguruProblem 13-2
Use your knowledge of income statements to fill in the missing items below.
ASSETS | |
Cash | $10,000 |
Accounts receivable | 1,00,000 |
Inventory | C |
Total current assets | $2,20,000 |
Gross P&E | 5,00,000 |
Less accumulated depreciation |
|
Net P&E | $3,75,000 |
Total assets |
|
LIABILITIES | |
Accounts payable | $12,000 |
Notes payable | 50,000 |
Total current liabilities |
|
Long-term debt |
|
Total Liabilities | $1,90,000 |
EQUITY | |
Common stock ($1 par, 100,000 shares) |
|
Paid-in capital |
|
Retained earnings | 1,50,000 |
Total stockholders’ equity |
|
Total liabilities and equity |
|
Problem 13-5
Use your knowledge of income statements to fill in the missing items below.
Sales |
|
COGS | 5,75,000 |
Gross profit | $16,00,000 |
G&A expense | 2,00,000 |
Sales & Mkting expense |
|
Depreciation | 50,000 |
Operating income |
|
Interest | 1,00,000 |
Income before taxes |
|
Income taxes (30%) |
|
Net income | $7,00,000 |
- 10 years ago
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