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How is net income calculated? How are total non current assets calculated and total assets? I'm not getting the same numbers as what was provided
How is net income calculated?
How are total non current assets calculated and total assets? I'm not getting the same numbers as what was provided when I use formulas
Can you show how to calculate all fields in yellow? I need the formulas please.
INCOME STATEMENT Amount In $ Amount in $ $1,700,000.00 -$700,000.00 $1,000,000.00 Sales Revenue COGS Gross Profit Operating Expenses Wages Supplies Advertisement Rent Maintenance Prepaid Insurance Depreciation Profit on Investment Intrest on Note Payable Intrest on Mortgage $370,000.00 $110,000.00 $35,000.00 $42,000.00 $52,000.00 $609,000.00 -$4,440.00 -$143,000.00 $7,000.00 -$5,500.00 $96,000.00 Net Income BALANCE SHEET Amount in $ Amount in $ Amount in $ Assets Current Assets Cash Accounts Receivable Inventory Supplies Prepaid Insurance Prepaid Advertisement $84,000.00 $688,000.00 $320,000.00 $40,000.00 $29,600.00 $25,000.00 $1,186,600.00 Total Current Assets Non current assets Longterm Investment Machinenery & Equipment Accumulated Depriciation Total Non-Current Assets $180,000.00 $1,430,000.00 $572,000.00 $858,000.00 Total Assets Working Notes Beginning Balance Cash Sales Accounts Receivables Long Term Investments Common Stock Cash Accounts $245,000.00 Salaries $350,000.00 Accounts Payable $850,000.00 Advertisement $37,000.00 Rent $120,000.00 Maintenance Dividend Long Term Insurance $400,000.00 $870,000.00 $60,000.00 $36,000.00 $52,000.00 $50,000.00 $50,000.00 Ending Balance $1,602,000.00 $850,000.00 Beginning Balance Credi Sales Accounts Receivables $188,000.00 Cash Received $1,350,000.00 Ending Balance $1,538,000.00 $688,000.00 Cash Paid Accounts Payable $870,000.00 Beginning Balance Credit Purchases $220,000.00 $820,000.00 Ending Balance $1,040,000.00Step by Step Solution
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