Tiger Corp. - ASSIGNED HOMEWORK #1 – SPRING 2017 – ACCT 2110 – MILLER
accountguruASSIGNED HOMEWORK #1 – SPRING 2017 – ACCT 2110 – MILLER
Tiger Corp.
The accountant for Tiger Corporation prepared the following list of account balances from the company's records for the year ended December 31, 2016.
Net Sales | $2,000,000 | Cash | $382,000 |
Accounts Receivable | 120,000 | Income Taxes Expense | 196,000 |
Equipment, net | 420,000 | Common Stock | 350,000 |
Accounts Payable | 120,000 | Interest Revenue | 20,000 |
Operating Expenses | 650,000 | Cost of Goods Sold Interest Expense | 800,000 10,000 |
Inventory | 220,000 | Prepaid Rent | 10,000 |
Salaries Payable | 50,000 | Retained Earnings, |
|
Notes Payable Dividends | 200,000 5,000
| January 1, 2016 | 73,000
|
1. Calculate Total Assets on December 31, 2016. (3 points)
2. Calculate Income from Operations for the year ending December 31, 2016. (2 points)
3. Calculate Ending Retained Earnings on December 31, 2016. (Hint: beginning retained earnings is given. 3 points)
4. Calculate the Current Ratio on December 31, 2016. (2 points)
10 years ago
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tiger_corp._-_assigned_homework_1_-_spring_2017_-_acct_2110_-_miller.xlsx
