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    2. Use your knowledge of balance sheets to fill in the missing amounts:

    Assets
    Cash $10,000
    Accounts receivable $100,000
    Inventory $
    Total current assets $220,000
    Gross plant and equipment $500,000
    Less: accumulated depreciation $
    Net plant and equipment $375,000
    Total assets $

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

    Sales
    Cost of goods sold $575,000
    Gross profit $1,600,000
    General and administrative expense $200,000
    Selling and marketing expense $
    Depreciation $50,000
    Operating income $
    Interest $100,000
    Income before taxes $
    Income taxes (30%) $
    Net Income $700,000

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    2. Use your knowledge of balance sheets to fill in the missing amounts:

    Assets
    Cash $10,000
    Accounts receivable $100,000
    Inventory $110,000
    Total current assets $220,000
    Gross plant and equipment $500,000
    Less: accumulated depreciation $125,000
    Net plant and equipment $375,000
    ...

    Solution Summary

    This solution is comprised of a detailed explanation to fill in the missing amounts and items.

    $2.49

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