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Assets = Liabilities + Equity concept

The following accounts appear on the Income Statement and Balance Sheet for a Phoenix-based electronics firm. All figures are in thousands. Arrange these accounts into proper statement format, and supply missing values for the accounts indicated.

· Cash $13,637

· Total Current Liabilities $22,737

· Total Assets ????

· Net Income After Taxes $ 5,007

· Net Property & Equip. $10,570

· Operating Expenses $28,712

· Total Long Term Debt ????

· Other Non-Oper. Income $ 8,156

· Total Current Assets $66,639

· Operating Income (EBIT) -$ 2,864

· Gross Profit ????

· Cost of Goods Sold $59,653

· Accounts Receivable $18,778

· Stockholder's Equity $59,349

· Total Liabilities $24,561

· Other Current Assets ????

· Other Fixed Assets ????

· Provision for Income Tax $ 285

· Income Before Taxes $ 5,292

· Revenues $ 85,501

· Total Liab. & Equity ????

Solution Summary

This solution elaborates on the different accounts that are available in a balance sheet and how to find the missing values from some other values in the balance sheet.

$2.19