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Compute the missing amounts, and complete the statements of the Truman Co (Hint: Complete the Income Statement first) TRUMAN COMPANY BALANCE SHEET AS OF DECEMBER
Compute the missing amounts, and complete the statements of the Truman Co | ||||
(Hint: Complete the Income Statement first) | ||||
TRUMAN COMPANY | ||||
BALANCE SHEET | ||||
AS OF DECEMBER 31, 2019 | ||||
Cash | ? | Current Liabilities | ? | |
Accounts Receivable (Net) | 72,133 | 10% Long-Term Bonds Payable | 144,000 | |
Inventory | ? | Common Stock | ? | |
PPE (Net) | ? | Retained Earnings | 50,000 | |
Total Assets | 576,000 | Total Liabilities and Stockholders' Equity | 576,000 | |
TRUMAN COMPANY | ||||
INCOME STATEMENT | ||||
FOR THE YEAR ENDED DECEMBER 31, 2019 | ||||
Net Sales | ? | |||
Cost of Goods Sold | ? | |||
Gross Profit | ? | |||
SGA Expenses | 248,850 | |||
Income from Operations | ? | |||
Interest Expense on Bonds Payable | ? | |||
Income before Income Taxes | ? | |||
Income Tax Expense | ? | |||
Net Income | 70,200 | |||
The following information is available about Truman Company's financial statements: | ||||
1. The Current Ratio for the firm is 3.0 | ||||
2. The Quick Ratio for the firm is 2.5 | ||||
3. The Net Profit Margin for the firm is 8% | ||||
4. The Gross Profit Margin for the firm is 40% | ||||
5. The Return on Common Equity for the firm is 20% | ||||
6. The Income Tax Rate for the firm is 20% |
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