Question
Use the information below to construct a Balance Sheet using the correct format. Each line will be worth 1 point each and each calculation worth
Use the information below to construct a Balance Sheet using the correct format. Each line will be worth 1 point each and each calculation worth 2 points |
Show your work in the cell to receive partial credit on the calculation portion. |
Notes Payable | $10,000 |
Accounts Receivable | $28,000 |
Fixed Assets | $475,000 |
Cash | $74,000 |
Long-term Debt | $175,000 |
Additional Paid In Capital | $200,000 |
Retained Earnings | $50,000 |
Total Assets | $600,000 |
Total Liabilities | $200,000 |
Inventory |
|
Accounts Payable |
|
Par Common Stock |
|
Total Current Assets |
|
Total Current Liabilities |
|
Total Equity |
|
Total Liabilities & Equity |
|
Use the information below to construct a correctly formed income statement. Each correct line is worth .5 points and each calculation is worth 1.5 points. |
Show your work in the cell to receive partial credit on the calculation portion. Hint: You should have 10 lines on your Income Statement |
Cost of Goods Sold | $475,000 |
Depreciation | $80,000 |
Gross Profit |
|
Interest Expense | $28,000 |
Operating Income |
|
Sales/Revenue | $905,000 |
Selling & Administrative Expense | $175,000 |
Taxable Income |
|
Taxes | $15,000 |
Net Income |
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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