Question
Analytics Corporation was organized on January 1, current year. At the end of the current year, the following financial data are available: Total revenues
Analytics Corporation was organized on January 1, current year. At the end of the current year, the following financial data are available: Total revenues Total expenses (excluding income taxes) $296,000 183,000 Income tax expense (all unpaid as of December 31) Cash 36,500 71,750 Receivables from customers (all considered collectible) Merchandise inventory (by inventory count at cost) 36,500 98,600 Payables to suppliers for merchandise purchased from them (will be paid during the following year) Common stock 33,250 60,600 No dividends were declared or paid during the first year. Required: Complete the following two statements: Complete this question by entering your answers in the tabs below.
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