how-to-write-narrative-essay

P13_2 and P13_5_Missing figures

December 14, 2020

Problem 13-2

Use your knowledge of income statements to fill in the missing items below.

ASSETS

 

Cash

$10,000

Accounts receivable

1,00,000

Inventory

C

Total current assets

$2,20,000

Gross P&E

5,00,000

Less accumulated depreciation

 

Net P&E

$3,75,000

Total assets

 

 

LIABILITIES

 

Accounts payable

$12,000

Notes payable

50,000

Total current liabilities

 

Long-term debt

 

Total Liabilities

$1,90,000

   

EQUITY

 

Common stock ($1 par, 100,000 shares)

 

Paid-in capital

 

Retained earnings

1,50,000

Total stockholders’ equity

 

Total liabilities and equity

 

 

 


 

Problem 13-5

Use your knowledge of income statements to fill in the missing items below.

 

Sales

 

COGS

5,75,000

Gross profit

$16,00,000

G&A expense

2,00,000

Sales & Mkting expense

 

Depreciation

50,000

Operating income

 

Interest

1,00,000

Income before taxes

 

Income taxes (30%)

 

Net income

$7,00,000