Question
For these four financial statement problems you must use the following data, as required (not all data will be necessary): Cash 40,000 Wages expense 97,000
For these four financial statement problems you must use the following data, as required (not all data will be necessary):
| Cash | 40,000 |
| Wages expense | 97,000 |
| Beginning Inventory | 1,150,000 |
| Ending inventory | 1,330,000 |
| Freight expense | 5,000 |
| Purchases | 270,000 |
| Accounts receivable | 125,000 |
| Sales | 340,000 |
| Accounts payable | 40,000 |
| Net fixed assets | 750,000 |
| Long-term debt | 600,000 |
| Utilities expense | 15,000 |
| Rent expense | 33,000 |
| Taxes (% of pre-tax income) | 40% |
c. How much are Total Liabilities?
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Auditing and Assurance services an integrated approach
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
14th Edition
978-0132575959
