Financial Statement Components
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Please see attached spreadsheet and help provide answers on Net Income, Total Assets and Total Liabilities.
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Please see ** ATTACHED ** file(s) for complete details!!
Year 1 Year 2
Gross Sales $3,000,000 $3,600,000
Sales Return 50,000 60,000
Cost of goods sold 2,100,000 2,300,000
Operating expense 500,000 600,000
Cash 300,000 400,000
Accounts Receivable 500,000 660,000
Prepaid expenses 250,000 250,000
Furniture & Fixtures 300,000 340,000
Long-term debt 500,000 500,000
Accrued expenses 200,000 375,000
Income taxes payable 125,000 150,000
Stockholders' equity 525,000 625,000
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Solution Summary
This solution shows how to find the net income, total assets and total liabilities of a company, based on the provided financial information.
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