Question
Several accounts and amounts from the financial statements of Fig Computers Co. (FCC) appear below for the year ending December 31, 2015. Cash$10,000 Sales Revenue
Several accounts and amounts from the financial statements of Fig Computers Co. (FCC) appear below for the year ending December 31, 2015.
Cash$10,000 Sales Revenue $140,000
Cost of goods sold60,000Inventory21,000
Taxes Payable31,000Selling & Adm Expense7,000
Accounts Receivable32,000Dividendsdeclared &paid42,000
Equipment150,000Accounts Payable9,000
Utilities expenses3,000Retained Earnings, Jan. 1, 1540,000
Allowance for bad debt4,000Income Tax Expense2,000
Prepaid Insurance expenses2,000Unearned revenues3,500
Bad Debt Expense1,500Accumulated Depreciation12,000
Required: Answer the following questions about Fig Computers Co.
- Calculate net income for FCC for the year ended Dec. 31, 2015. Determine the retained earnings at the end of 2015.
- Determine the total current assets as of Dec. 31, 2015.
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Hospitality Financial Accounting
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Agnes L.
2nd Edition
9780470598092, 470083603, 978-0470083604
