Question
Partial Income Statement Year Ending 2017 Sales revenue $350,000 Cost of goods sold $140,000 Fixed costs $43,000 Selling, general, and administrative expenses $28,000 Depreciation $46,000
Partial Income Statement Year Ending 2017 | |
Sales revenue | $350,000 |
Cost of goods sold | $140,000 |
Fixed costs | $43,000 |
Selling, general, and administrative expenses | $28,000 |
Depreciation | $46,000 |
(Click on the following icon
in order to copy its contents into a spreadsheet.)
Partial Balance Sheet 12/31/2016 | |||
ASSETS |
| LIABILITIES |
|
Cash | $16,000 | Notes payable | $14,000 |
Accounts receivable | $28,000 | Accounts payable | $19,000 |
Inventories | $48,000 | Long-term debt | $190,000 |
Fixed assets | $368,000 | OWNERS' EQUITY |
|
Accumulated depreciation | $142,000 | Retained earnings |
|
Intangible assets | $82,000 | Common stock | $130,000 |
(Click on the following icon
in order to copy its contents into a spreadsheet.)
Partial Balance Sheet 12/31/2017 | |||
ASSETS |
| LIABILITIES |
|
Cash | $26,000 | Notes payable | $12,000 |
Accounts receivable | $19,000 | Accounts payable | $24,000 |
Inventories | $53,000 | Long-term debt | $162,000 |
Fixed assets | $448,000 | OWNERS' EQUITY |
|
Accumulated depreciation |
| Retained earnings |
|
Intangible assets | $82,000 | Common stock | $180,000 |
PrintDone
Cash flow identity. Use the data from the following financial statements in the popup window,
LOADING...
. The company paid interest expense of
$18,000
for
2017
and had an overall tax rate of
40%
for
2017.
Verify the cash flow identity:
cash flow from assets=cash flow to creditors+cash flow to owners
The cash flow from assets is
$nothing.
(Round to the nearest dollar.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started