Purchase Solution

Assets = Liabilities + Equity concept

Not what you're looking for?

Ask Custom Question

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 ????

Purchase this Solution

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.

Purchase this Solution


Free BrainMass Quizzes
Understanding Management

This quiz will help you understand the dimensions of employee diversity as well as how to manage a culturally diverse workforce.

Understanding the Accounting Equation

These 10 questions help a new student of accounting to understand the basic premise of accounting and how it is applied to the business world.

Business Ethics Awareness Strategy

This quiz is designed to assess your current ability for determining the characteristics of ethical behavior. It is essential that leaders, managers, and employees are able to distinguish between positive and negative ethical behavior. The quicker you assess a person's ethical tendency, the awareness empowers you to develop a strategy on how to interact with them.

Marketing Management Philosophies Quiz

A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.

Motivation

This tests some key elements of major motivation theories.