2. Use your knowledge of balance sheets to fill in the amounts:

ASSETS

Cash $10,000

Accounts receivable 100,000

Inventory 110,000

Total current assets

Gross plant and equipment 500,000

Less: accumulated depreciation

Net plant and equipment Total assets 375,000

missing

S

Accounts payable Notes payable Total current liabilities Long-term debt

Total liabilities Common stock ($1 par, 100,000 shares) Paid-in capital Retained earnings Total stockholders equity Total liabilities and equity

$12,000 50,000 190,000 150,000

2. Use your knowledge of balance sheets to fill in the amounts:

ASSETS

Cash $10,000

Accounts receivable 100,000

Inventory 110,000

Total current assets

Gross plant and equipment 500,000

Less: accumulated depreciation

Net plant and equipment Total assets 375,000

missing

S

Accounts payable Notes payable Total current liabilities Long-term debt

Total liabilities Common stock ($1 par, 100,000 shares) Paid-in capital Retained earnings Total stockholders equity Total liabilities and equity

$12,000 50,000 190,000 150,000

5. Use your knowledge of income statements to fill in

Sales

Cost of goods sold$575,000

Gross profit1600,000

General and administrative expense 200,000

Selling and marketing expense ________

Depreciation 50,000

Operating income________

Interest 100,000 Income before taxes________

Income taxes (30%)________

Net income$700,000