Use your knowledge of balance sheets to fill in the missing
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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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This solution is comprised of a detailed explanation to fill in the missing amounts and items.
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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
...
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