Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Looking for the net income, pls and thank u! Inice Statement ve ending 2020 Sales Revenues $120,000 Cost of goods sold 30,000 Foxed costs 20,000

Looking for the net income, pls and thank u! image text in transcribed
Inice Statement ve ending 2020 Sales Revenues $120,000 Cost of goods sold 30,000 Foxed costs 20,000 Selling, general, and administrative expenses 25,000 Depreciation 8,000 EBIT Interest expense Taxable Income Taxes Net Income 2,000 Taxate Dividens paid 40% S1000 ASSETS Current Assets Cash Accounts receivable Inventories Total current assets $5,000 3.000 Partial Balance Sheet 1231 2019 LIABILITIES Current Liabilities $4,000 Notes payable 8,000 Accounts payable 6.000 Total current liabilities Long-term debt Total Liabilities 70,000 OWNERS' EQUITY 29.000 Retaimede (1) Common stock Total owner's equity 27,000 Gross Fixed assets Accumulated depreciation Net Fixed assets Intangible assets 25,000 TOTAL ASSETS TOTAL LIABILITIES & OWNER'S EQUITY (1) These are cumulative resedagbottestbook simply call it readings $6,000 7.000 ASSETS Current Assets Cash Accounts receivable Inventories Total current assets Gross Fixed assets Accumulated depreciation Net Fixed Assets Intangible assets Total long-term assets Partial Balance Sheet 12.31 2020 LIABILITIES Current Liabilities 55,000 Notes payable 8,000 Accounts payable 5.000 Total current liabilities Long-term debt 120,000 Total liabilities OWNERS EQUITY Reased cars Common stock Total owner's equity TOTAL ASSETS TOTAL LIABILITIES & OWNER'S EQUITY

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

Recommended Textbook for

Finance Basics 20 Minute Manager

Authors: Harvard Business Review

1st Edition

1625270852, 978-1625270856

More Books

Students also viewed these Finance questions

Question

What reader benefits are included?

Answered: 1 week ago