Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Movit Manufacturing has alphabetized and balance sheet entries, in thousands, from the year 2021 in the accompanying table. Click the icon to view the income

image text in transcribedimage text in transcribedimage text in transcribed Movit Manufacturing has alphabetized and balance sheet entries, in thousands, from the year 2021 in the accompanying table. Click the icon to view the income statement and balance sheet entries. Construct an income statement and a balance sheet from the information given. First, complete the balance sheet. Start with the assets portion of the balance sheet and then the portion for the liabilities and owners' equity. Data Table \begin{tabular}{lr|} Accounts payable & $7600 \\ Accounts receivable & 15,400 \\ Accrued wages & 2700 \\ Cash & 2150 \\ Common shares & 145 \\ Contributed capital & 2850 \\ Cost of goods sold & 56,000 \\ Current assets & \\ Current liabilities & \\ Deferred income taxes & 2450 \\ Depreciation expense & 740 \\ General expense & 7950 \\ Guaranteed investment certificates & 440 \\ Income taxes & 1850 \\ Interest expense & 1580 \\ Inventories & 19,000 \\ Land & 3400 \\ Less: Accumulated depreciation & 11,150 \\ Long-term assets & \\ Long-term bonds & 4360 \\ Long-term liabilities & \\ Mortgage & 9500 \\ & \\ \hline \end{tabular} \begin{tabular}{lr} Mortgage & 9500 \\ Net income after taxes & 4720 \\ Net income before taxes & 6570 \\ Net plant and equipment & 7900 \\ Net sales & 77,500 \\ Operating expenses & \\ Owners' equity & \\ Prepaid expenses & 435 \\ Selling expenses & 4660 \\ Total assets & 48,725 \\ Total current assets & 37,425 \\ Total current liabilities & 14,900 \\ Total expenses & 14,930 \\ Total liabilities and owners' equity & 48,725 \\ Total long-term assets & 11,300 \\ Total long-term liabilities & 16,310 \\ Total owners' equity & 17,515 \\ Working capital loan & 4600 \end{tabular}

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

Accounting For Decision Making And Control

Authors: Jerold Zimmerman

10th International Edition

1260565475, 9781260565478

More Books

Students also viewed these Accounting questions

Question

Did the researcher provide sufficient description?

Answered: 1 week ago

Question

Who do you know that is a member of a microcultural group?

Answered: 1 week ago