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Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income statement for Omega Corp. Unfortunately, although the
Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income statement for Omega Corp. Unfortunately, although the data for the individual items are correct, he is very confused as to whether an item should go in the balance sheet or income statement and whether it is an asset or liability.
BALANCE SHEET | |||||
Payables | 48 | Inventories | 63 | ||
Less accumulated depreciation | 133 | Receivables | 100 | ||
Total current assets | Total current liabilities | ||||
Long-term debt | 415 | Interest expense | 38 | ||
Property, plant, and equipment | 585 | Total liabilities | |||
Net fixed assets | Shareholders equity | 142 | |||
Total assets | Total liabilities and shareholders equity | ||||
|
INCOME STATEMENT | ||
Net sales | 830 | |
Cost of goods sold | 645 | |
Selling, general, and administrative expenses | 51 | |
EBIT | ||
Debt due for repayment | 38 | |
Cash | 28 | |
Taxable income | ||
Taxes | 28 | |
Depreciation | 25 | |
Net income | ||
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Prepare the balance sheet and income statement by rearranging the above items. (Be sure to list the assets and liabilities in order of their liquidity. Enter all amounts as positive values.) |
BALANCE SHEET | |||||
Assets | Liabilities and Shareholders' Equity | ||||
(Click to select)Property, plant, and equipmentInterest expensePayablesTaxable incomeNet IncomeLong-term debtDepreciationCost of goods soldLess accumulated depreciationCashSelling, general, and administrative expensesInventoriesDebt due for repaymentEBITShareholders equityReceivablesNet salesTaxes | $ | (Click to select)Less accumulated depreciationLong-term debtInterest expenseInventoriesShareholders equityReceivablesSelling, general, and administrative expensesNet incomeCashEBITTaxable incomeCost of goods soldProperty, plant, and equipmentPayablesDepreciationNet salesTaxesDebt due for repayment | $ | ||
(Click to select)EBITCashProperty, plant, and equipmentPayablesInventoriesShareholders equityNet IncomeSelling, general, and administrative expensesDepreciationReceivablesTaxesLess accumulated depreciationCost of goods soldNet salesTaxable incomeDebt due for repaymentLong-term debtInterest expense | (Click to select)DepreciationProperty, plant, and equipmentNet incomeLong-term debtShareholders equitySelling, general, and administrative expensesCost of goods soldReceivablesDebt due for repaymentNet salesInterest expenseCashTaxesEBITLess accumulated depreciationInventoriesTaxable incomePayables | ||||
(Click to select)PayablesNet IncomeProperty, plant, and equipmentLess accumulated depreciationSelling, general, and administrative expensesCashTaxesCost of goods soldDebt due for repaymentNet salesInterest expenseDepreciationInventoriesTaxable incomeEBITReceivablesShareholders equityLong-term debt | |||||
Total current liabilities | $ | ||||
Total current assets | $ | (Click to select)PayablesLess accumulated depreciationLong-term debtProperty, plant, and equipmentInventoriesReceivablesInterest expenseShareholders equityNet salesCost of goods soldSelling, general, and administrative expensesEBITDebt due for repaymentCashTaxable incomeTaxesDepreciationNet income | |||
(Click to select)PayablesLess accumulated depreciationLong-term debtProperty, plant, and equipmentInventoriesReceivablesInterest expenseShareholders equityNet salesCost of goods soldSelling, general, and administrative expensesEBITDebt due for repaymentCashTaxesDepreciationNet income | $ | Total liabilities | $ | ||
(Click to select)PayablesLess accumulated depreciationLong-term debtProperty, plant, and equipmentInventoriesReceivablesInterest expenseShareholders equityNet salesCost of goods soldSelling, general, and administrative expensesEBITDebt due for repaymentCashTaxable incomeTaxesDepreciation | (Click to select)PayablesLess accumulated depreciationLong-term debtProperty, plant, and equipmentInventoriesReceivablesInterest expenseShareholders equityNet salesCost of goods soldSelling, general, and administrative expensesEBITDebt due for repaymentCashTaxable incomeTaxesDepreciationNet income | ||||
Net fixed assets | $ | ||||
Total assets | $ | Total liabilities and shareholders' equity | $ | ||
INCOME STATEMENT | |
(Click to select)PayablesLess accumulated depreciationLong-term debtcProperty, plant, and equipmentInventoriesReceivablesInterest expenseShareholders equityNet salesCost of goods soldSelling, general, and administrative expensesEBITDebt due for repaymentCashTaxable incomeTaxesDepreciationNet income | $ |
(Click to select)PayablesSelling, general, and administrative expensesCashNet incomeDebt due for repaymentReceivablesShareholders equityProperty, plant, and equipmentLong-term debtTaxesNet salesDepreciationInventoriesCost of goods soldInterest expenseLess accumulated depreciationTaxable incomeEBIT | |
(Click to select)Taxable incomeReceivablesLong-term debtSelling, general, and administrative expensesNet incomeProperty, plant, and equipmentEBITInventoriesCost of goods soldShareholders equityInterest expenseTaxesLess accumulated depreciationCashNet salesDebt due for repaymentDepreciationPayables | |
(Click to select)Taxable incomeLong-term debtDepreciationInventoriesLess accumulated depreciationCost of goods soldNet salesSelling, general, and administrative expensesReceivablesPayablesShareholders equityInterest expenseProperty, plant, and equipmentNet incomeTaxesCashEBITDebt due for repayment | |
(Click to select)PayablesLess accumulated depreciationLong-term debtProperty, plant, and equipmentInventoriesReceivablesInterest expenseShareholders equityNet salesCost of goods soldSelling, general, and administrative expensesEBITDebt due for repaymentCashTaxable incomeTaxesDepreciationNet income | $ |
(Click to select)PayablesLess accumulated depreciationLong-term debtProperty, plant, and equipmentInventoriesReceivablesInterest expenseShareholders equityNet salesCost of goods soldSelling, general, and administrative expensesEBITDebt due for repaymentCashTaxable incomeTaxesDepreciationNet income | |
(Click to select)PayablesLess accumulated depreciationLong-term debtProperty, plant, and equipmentInventoriesReceivablesInterest expenseShareholders equityNet salesCost of goods soldSelling, general, and administrative expensesEBITDebt due for repaymentCashTaxable incomeTaxesDepreciationNet income | $ |
(Click to select)PayablesLess accumulated depreciationLong-term debtProperty, plant, and equipmentInventoriesReceivablesInterest expenseShareholders equityNet salesCost of goods soldSelling, general, and administrative expensesEBITDebt due for repaymentCashTaxable incomeTaxesDepreciationNet income | |
(Click to select)PayablesLess accumulated depreciationLong-term debtProperty, plant, and equipmentInventoriesReceivablesInterest expenseShareholders equityNet salesCost of goods soldSelling, general, and administrative expensesEBITDebt due for repaymentCashTaxable incomeTaxesDepreciationNet income | $ |
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