signment 1 - Questions.docx Open with Google Docs 7-1. Togo Co. has the following Sinancial statements. Togo Co. Income Statement for the Year Sales revenue Less: Cost of goods sold Gross profit Less: Operating expenses $3.700.000 Depreciation 500.000 Operating income Less: Interest expense $ 100,000 Income taxes 800,000 Net income $18,000,000 12,000,000 $ 6,000,000 4,200,000 $ 1.800.000 900,000 900,000 $ meeti $7,000,000 Togo Co. Balance Sheet at the End of the Year Current assets. Cash $1.000.000 Accounts receivable 3,600,000 Inventory 2.400.000 Long-term assets. At cost $5.000.000 Accumulated depreciation 3,000,000 Total assets Liabilities & Shareholders' Equity Current liabilities! Trade accounts payable $260.000 Other current liabilities Page 5 / 6 Long-term liabilities Mortgage Totaliabilities 2,000,000 $ 9,000,000 sko 000 $3,000,000 1.500.000 S.A.000 signment 1 - Questions.docx Open with Google Docs 7-1. Togo Co. has the following Sinancial statements. Togo Co. Income Statement for the Year Sales revenue Less: Cost of goods sold Gross profit Less: Operating expenses $3.700.000 Depreciation 500.000 Operating income Less: Interest expense $ 100,000 Income taxes 800,000 Net income $18,000,000 12,000,000 $ 6,000,000 4,200,000 $ 1.800.000 900,000 900,000 $ meeti $7,000,000 Togo Co. Balance Sheet at the End of the Year Current assets. Cash $1.000.000 Accounts receivable 3,600,000 Inventory 2.400.000 Long-term assets. At cost $5.000.000 Accumulated depreciation 3,000,000 Total assets Liabilities & Shareholders' Equity Current liabilities! Trade accounts payable $260.000 Other current liabilities Page 5 / 6 Long-term liabilities Mortgage Totaliabilities 2,000,000 $ 9,000,000 sko 000 $3,000,000 1.500.000 S.A.000