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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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