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Magic GMBA 3 Corporation ? ? Income Statements For the Years Ended December 3 1 , 2 0 2 0 and 2 0 1 9
Magic GMBA Corporation
Income Statements
For the Years Ended December and
$ $
Operating revenues Note
Less: Cost of goods sold
Gross Profit
Operating expenses
Selling and administrative expenses
Depreciation expense
Other expense
Bad debt expense
Rent expense
Operating expenses
Net income from operations
Inventory loss
Interest expense
Income before tax
Income tax expense
Net income
Note : Operating revenue includes $ gain on disposal of plant assets and other similar items.Magic GMBA Corporation
Balance Sheets
December and
ASSETS
$ $
Cash
Accounts receivable
Less: Allowance for bad debts
Inventory
Total current assets
Long term investment
Property, plant, and equipment
Less: Accumulated depreciation
Goodwill
Total assets
LIABILITIES AND SHAREHOLDERS EQUITY
Liabilities
Accounts payable
Accrued payables
Unearned revenues
Total current liabilities
Other long term liability pension
Bonds payable
Less: Discount on bonds payable
Deferred income tax
Total Liabilities
Shareholders equity
Preferred stock
Common stock
Additional paidin capital
Retained earnings
Less: Treasury stock
Total shareholders equity
Total liabilities and shareholders equity Prepare a cash flows statement for the operating activities for the year
Compute ratios that can be calculated from the data presented years, trend, percentages etc.
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