Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Given the following Balance Sheet and Income Statement, answer the following questions LIABILITY CURRENT LIABILITIES AccountspayabletradeAccountspayableretentionBillinginexcessofcost&profitNotespayableAccruedPayableAccruedTaxesAccruedVacationOtherCurrentLiabilitiesTotalCurrentLiabilitiesLongTermLiabilities$69,741.00$12,122.00$2,328.00$9,815.00$9,840.00$6,432.00$1,512.00$22,096.00$133,886.00$86,100.00$219,986.00$43,999.00$4,349.00$2,487.00$7,122.00$2,772.00$2,958.00$378.00$6,555.00$XXXXXX$60,166.00$XXXXXX OWNER EQUITY CapitalStockRetainedEarningsCurrentPeriodNetIncomeTotalEquityTotalLiability&Equity$50,000.00$115,672.00$0.00$165,672.00$385,658.00$50.000.00$60,359.00$0.00$XXXXXX$XXXXXX Current Year REVENUE $908,314 CONSTRUCTION COSTS

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Given the following Balance Sheet and Income Statement, answer the following questions LIABILITY CURRENT LIABILITIES AccountspayabletradeAccountspayableretentionBillinginexcessofcost&profitNotespayableAccruedPayableAccruedTaxesAccruedVacationOtherCurrentLiabilitiesTotalCurrentLiabilitiesLongTermLiabilities$69,741.00$12,122.00$2,328.00$9,815.00$9,840.00$6,432.00$1,512.00$22,096.00$133,886.00$86,100.00$219,986.00$43,999.00$4,349.00$2,487.00$7,122.00$2,772.00$2,958.00$378.00$6,555.00$XXXXXX$60,166.00$XXXXXX OWNER EQUITY CapitalStockRetainedEarningsCurrentPeriodNetIncomeTotalEquityTotalLiability&Equity$50,000.00$115,672.00$0.00$165,672.00$385,658.00$50.000.00$60,359.00$0.00$XXXXXX$XXXXXX Current Year REVENUE \$908,314 CONSTRUCTION COSTS Current Year REVENUE $908,314 CONSTRUCTION COSTS Materials $92,214.00 Labor $199,690.00 Subcontractor $XXXXXX Equipment $20,833.00 Other $1,352.00 Total Construction Costs $716,037.00 EQUIPMENT COSTS Rent and Lease Payments $3,773.00 Depreciation $6,673.00 Repair and Maintenance $2,734.00 Fuel and Lubrication $7,289.00 Tax, Licenses, and Insurances $364.00 Equipment Costs Charged to Jobs $XXXXXX Total Equipment Costs $0.00 GROSS PROFIT \$XXXXXX OVERHEADS $53,827.00 NET PROFIT FROM OPERATIONS \$XXXXXX OTHER INCOME AND EXPENSES \$ XXXXXX PROFIT BEFORE TAXES $158,296.00 INCOMETAX $47.489.00 PROFIT AFTER TAX \$XXXXXX What is the value for the Profit After Tax within the Current Year's Income Statement identified with (\$ XXXXXX) above? $160,786$130.786$110,807$138,450 Question 4 What is the value for the Total Equity within the last year identified with ($XXXXXX) in the statements above? $160.786 $67,354 $130.786 $110,359

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions