If the current account balances are:

 

Cash = 5,000

Inventory = 7,500

Accounts Payable = 20,000

Long Term Debt = 25,000

Retained Earnings = 15,000

 

Calculate the current liabilities.

Which financial statement shows the total revenue a firm earns and the total expenses the firm incurs to generate those revenues over time?  

If the current account balances are:

Cash = 10,000

Accounts Payable = $9,000

Common Equity = $3,000

Accounts Receivable = $800

Fixed Assets = $2,500

 

Calculate current assets.

What is an example of an income statement and a balance sheet for a business for the year ending December 31, 2021?

 

Accounts receivable.........................................   $9,000

Accumulated depreciation.................................  $12,000

Cost of goods sold..........................................    $4,000

Income tax expense.........................................    $5,000

Cash...........................................................   $ 5,000

Sales...........................................................   $55,000

Equipment (gross)...........................................   $40,000

Selling, general, & administrative expenses.............     $5,000

Common stock (1,000 shares)..............................   $10,000

Accounts payable...........................................    $15,000

Retained earnings...........................................      $9,500

Interest expense.............................................         $200

Inventory.....................................................    $18,000

Long-term debt..............................................   $ 25,500

Dividends declared and paid..............................        $800

 

What is the gross profit if net sales are 55,000, accounts receivable is 2,000, the administrative expense is 5,000, and the cost of goods sold is 24,000?

If earnings before taxes (EBT) are 400,000, net sales (all on credit) are 225,000, dividends are 25,000, and net income is 270,000, what is the tax expense?