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1) Prepare an income statement from the following information. Sales: $600,000 Cost of Goods Sold: $300,000 Administrative expenses: $50,000 Depreciation expenses: $10,000 Interest expense: $15,000

1) Prepare an income statement from the following information.

Sales: $600,000

Cost of Goods Sold: $300,000

Administrative expenses: $50,000

Depreciation expenses: $10,000

Interest expense: $15,000

Tax rate: 20%

2) Prepare a balance sheet from the following information.

Cash: $110,000

Accounts receivable: $50,000

Accounts payable: $40,000

Notes payable (short term): $120,000

Inventories: $70,000

Gross fixed assets: $175,000

Other assets: $15,000

Retained earnings: $15,000

Accumulated depreciation: $20,000

Long term banknote: $105,000

Other long-term debt: $20,000

Common stock: $100,000

3) Prepare a statement of cash flows using the following information.

Increase in accounts receivable: $600

Increase in inventories: $160

Increase in long term debt: $160

Beginning cash: $6,000

Increase in accounts payable: $120

Increase in other current assets: $300

Dividends: $80

Increase in common stock: $20

Increase in gross fixed assets: $100

Depreciation expense: 3,000

Net income: $1,000

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