Question
Find the balance sheet and income statement information for Inc. (a) Calculate Total Assets for both 2017 and 2018. (b) Calculate Total Liabs for both
Find the balance sheet and income statement information for Inc.
(a) Calculate Total Assets for both 2017 and 2018. (b) Calculate Total Liabs for both 2017 and 2018. (c) Calculate Retained Earnings on the balance sheet for 2018.
Balance Sheet 2017 2018 Income Stmt. 2018
Assets Sales $19,800
Cash $11,310 $10,590 Cost of Goods Sold $10,500
Accts. Receivable $2,900 $2,300 SG&A Expenses $1,500
Inventory $440 $1,150 Marketing Expenses $1,100
Net Fixed Assets $6,360 $7,080 Depreciation Exp. $1,500
Liabilities Operating Income $5,200
Accounts Payable $11,020 $10,550 Interest Exp. $400
Taxes Payable $900 $960 Taxable Income $4,800
Longterm Notes $1,280 $980 Tax Expense* $960
Longterm Bonds $1,850 $2,730 Net Income $3,840
Owners Equity Dividend Exp. $4,100
Common Stock $5,000 $5,200
Retained Earnings $960 _ _ _ _ * the average tax rate is 20%
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started