Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

This is an income statement and balance sheet that is intentionally left in the incorrect order. The words need to be assembled into an appropriately

This is an income statement and balance sheet that is intentionally left in the incorrect order. The words need to be assembled into an appropriately ordered income statement and balance sheet. Then solve for the numbers left blank. Answer the question below by matching the corresponding answer to the statement item. For example:

Total Current Assets - 5 Short/Current Long Term Debt - 1 etc...

For the below Income Statement and Balance Sheet, you are to match the Available Choices with the Accounts that are missing numbers. Total Revenue 27,625; Common Stock 16; Retained Earnings ________; Long Term Bonds (Liability) 742; Capital Leases (Long Term Liability) 965; Research & Development Expense 1,055; Other Long Term Assets 4,420; Total Long Term Assets 5,174; Total Assets 24,342; General and Administrative Expenses 14,502; Labor Expense __________; Accounts Payable 2,010; Current Portion of Long Term Debt _________; Other Long Term Liabilities 1,049: Interest Expense 923; Total Current Liabilities 3,936; Income Before Tax __________; Short Term Investments 51; Net Receivables ___________; Inventory 3,000; Other Current Assets 748; Net Income -12,288; Cash And Cash Equivalents 10,301; Total Current Assets _________; Long Term Investments 45; Total Liab. and Equity _________; Cost of Revenue 20,730; Other Current Liabilities 1,006; Bank Loans (Long Term) _________; Gross Profit ________; Depreciation 65; Selling Expense 760; Operating Income -11,362; Property Plant and Equipment 505; Goodwill 0 Other Long Term Investments 204; Total Liabilities 6,692; Redeemable Preferred Stock 74; Preferred Stock 150; Income Tax Expense ___________; Capital Surplus 38,624.

Total Current Assets

Short /Current Long Term Debt

Gross Profit

Bank Loans (Long Term)

Net Receivables

Income Tax Expense

Retained Earnings

Total Liabilities and Owner's Equity

Labor Expense

1.

6895

2.

3

3.

1875

4.

5068

5.

920

6.

19168

7.

-21214

8.

24342

9.

0

10.

748

Unused number

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

Managing The Audit Function A Corporate Audit Department Procedures Guide

Authors: Michael P. Cangemi, Tommie W. Singleton

3rd Edition

0471281190, 978-0471281191

More Books

Students also viewed these Accounting questions