week 1 evans

Balance Sheet

	You learned about Balance Sheets this week. Fill in the missing items below.
		Enter the answers in blue shaded cells
		ASSETS			LIABILITIES
		Cash	$10,000		Accounts payable	$12,000
		Accounts receivable	100,000		Notes payable	50,000
		Inventory			Total current liabilities
		Total current assets	$220,000		Long-term debt
		Gross PP&E	500,000		Total Liabilities	$190,000
		Less accumulated depreciation
		Net PP&E	$375,000		EQUITY
		Total Assets			Common stock ($1 par; 100,000 shares)
					Paid-in capital
					Retained earnings	150,000
					Total stockholders’ equity
					Total Liabilities and Equity
		Reminder: A=L+E

Income Statement

	You learned about Income Statements this week. Fill in the missing items below.
		Enter the answers in blue shaded cells
		Sales
		COGS	575,000
		Gross profit	$1,600,000
		G&A expense	200,000
		Sales & Mkting expense
		Depreciation	50,000
		Operating income
		Interest	100,000
		Income before taxes
		Income taxes (30%)
		Net income	$700,000
		Steps:
		1: Calculate Sales
		2. Calculate Income before taxes. Taxes are 30%, so you know the Net Income (Y) is a percent of "Income before taxes" (X)
		3. Calculate the Income taxes figure
		4. Calculate Operating Income
		5. Calculate Sales & Mkting Exp