Question

From the following construct a simple income statement and balance sheet: Sales: 1, 000 ,000 Finished...

From the following construct a simple income statement and balance sheet:

Sales: 1, 000 ,000

Finished goods: 200k

Long term debt 300 k

raw materials 100 k

cash 50k

cost of goods sold 600 k

accts receivable: 250 k

plant and equipment 400 k

interest expense 80 k

number of shares outstanding 100k

earnings before taxes 220 k

taxes 100k

accts payable 220k

other current liabilities 50 k

other expenses 100k

equity 450 k

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Solution:

Note: There's a difference of 20k in balance sheet. Kindly check your numbers. If numbers are correct you can show Intangibles/goodwill on asset side worth 20K. That should balnce the equation.

Inventories = Raw Materials + Work in Progress + Finished goods = 100K + 0 + 200K = 300K

Give positive feedback. Thanks!

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Rainbow Beauty Goods just provided the following balance sheet and income statement items. Assume that the...
Rainbow Beauty Goods just provided the following balance sheet and income statement items. Assume that the stock price is $10 per share. All data are in thousands of dollars. Net income                                                                             400 Net plant and equipment                                                        2500 Notes payable                                                                         300 Accounts Payable                                                                   500 Accounts Receivable                                                              600 Addition to retained earnings                                                 250 Cash and equivalents                                                              200 Common stock                                                                       100 Cost of goods sold                                                                  3700 Depreciation                                                                           300 Dividends on common shares                                                150 Gross...
The balance sheet and income statement for the A. Thiel Mfg. Company are as follows: Balance...
The balance sheet and income statement for the A. Thiel Mfg. Company are as follows: Balance Sheet ($000) Cash $ 500 Accounts receivable 2,000 Inventories 1,000 Current assets $3,500 Net fixed assets 4,500 Total assets $8,000 Accounts payable $1,100 Accrued expenses 600 Short-term notes payable 300 Current liabilities $2,000 Long-term debt 2,000 Owners’ equity 4,000 Total liabilities and owners’ equity $8,000 Income Statement ($000) Sales (all credit) $8,000 Cost of goods sold (3,300) Gross profit $4,700 Operating expenses (includes $500...
PAP Inc.’s financial statements are as follows: PAP Inc. Balance sheet For the Period ended 2016...
PAP Inc.’s financial statements are as follows: PAP Inc. Balance sheet For the Period ended 2016 and 2017 ($000) ASSETS 2016 2017 Cash $ 200 $ 150 Accounts receivable 450 425 Inventory 550 625 CURRENT ASSETS $ 1,200 $ 1,200 Plant & equipment $2,200 $2,600 Less Accumulated Depreciation (1,000) (1,200) Net Plant & equipment $1,200 $1,400 Total Assets $2,400 $2,600 LIABILITIES & Equity Accounts payable $ 200 $150 Notes Payable current (9%) 0 150 CURRENT LIABILITIES $ 200 $300 Bonds...
Requirement 1. Fill in the missing numbers from the following simple balance sheet for Jones Company....
Requirement 1. Fill in the missing numbers from the following simple balance sheet for Jones Company. Assets Liabilities and Stockholders’ Equity Cash Accounts payable $10,000 Accounts receivable 11,000 Long-term debt Plant and equipment 70,000 Stockholders' equity $59,000 Total assets $110,000 Total Liabilities and stockholders' equity
USE THE FOLLOWING INFORMATION TO CONSTRUCT AN INCOME STATEMENT AND BALANCE SHEET FOR 2011. ASSUME THE...
USE THE FOLLOWING INFORMATION TO CONSTRUCT AN INCOME STATEMENT AND BALANCE SHEET FOR 2011. ASSUME THE TAX RATE IS 40%. (COMMON EQUITY IS A PLUG IN NUMBER) ITEM 2010 2011 SALES 10,000 12,000 DEPRECIATION 3,000 3,000 COST OF GOODS SOLD 2,000 2,000 OTHER EXPENSES 3,000 4,000 INTEREST 1,000 1,000 CASH 1,000 1,000 ACCOUNTS RECEIVABLE 3,000 3,000 S.T. NOTES PAYABLE 1,000 1,000 L.T. DEBT 10,000 11,000 NET FIXED ASSETS 20,000 20,000 ACCOUNTS PAYABLE 2,000 2,000 INVENTORY 3,000 3,000 DIVIDENDS 600 600...
Budgeted Income Statement and Balance Sheet As a preliminary to requesting budget estimates of sales, costs,...
Budgeted Income Statement and Balance Sheet As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January 1, 20Y9, the following tentative trial balance as of December 31, 20Y8, is prepared by the Accounting Department of Regina Soap Co.: Cash $111,000 Accounts Receivable 196,500 Finished Goods 41,300 Work in Process 27,500 Materials 45,200 Prepaid Expenses 3,300 Plant and Equipment 576,100 Accumulated Depreciation—Plant and Equipment $247,700 Accounts Payable 157,200 Common Stock, $10 par 350,000...
Presented below is the 2018 income statement and comparative balance sheet information for Tiger Enterprises. TIGER...
Presented below is the 2018 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2018 ($ in thousands) Sales revenue $ 14,500 Operating expenses: Cost of goods sold $ 4,900 Depreciation 390 Insurance 850 Administrative and other 3,300 Total operating expenses 9,440 Income before income taxes 5,060 Income tax expense 2,024 Net income $ 3,036 Balance Sheet Information ($ in thousands) Dec. 31,2018 Dec. 31, 2017 Assets: Cash $...
Construct a simple balance sheet from following data: Operating fixed assets 32,783,340 Assets Borrowings 126,368,875 Lendings...
Construct a simple balance sheet from following data: Operating fixed assets 32,783,340 Assets Borrowings 126,368,875 Lendings to financial institutions 10,512,752 Other liabilities 16,920,059 Advances 330,271,881 Reserves 16,533,485 Other assets 32,667,653 Bills payable 9,848,795 Surplus on revaluation of assets - net of tax 26,199,360 Deferred tax liabilities 11,001,128 Total assets                -   Share capital 11,450,739 Balances with other banks 679,938 Liabilities Unappropriated profit 47,631,788 Investments 590,924,972 Cash and balances with treasury banks 73,203,767 Deposits and other accounts 805,090,074 Total liabilities               ...
FORECAST BALANCE SHEET IF THEIR SALES INCREASE 20%. Sales/Revenu=89,219.2 Saudee Group Bhd SAUDEE (Malaysia) BALANCE SHEET...
FORECAST BALANCE SHEET IF THEIR SALES INCREASE 20%. Sales/Revenu=89,219.2 Saudee Group Bhd SAUDEE (Malaysia) BALANCE SHEET Assets Fiscal year is August-July. All values MYR Thousands. 2018 Cash & Short Term Investments 6,144.4 Cash Only 6,144.4 Short-Term Investments - Total Accounts Receivable 19,826.8 Accounts Receivables, Net 17,010.5 Accounts Receivables, Gross 20,718.1 Bad Debt/Doubtful Accounts (3,707.6) Other Receivables 2,816.2 Inventories 33,732.0 Finished Goods 16,369.2 Work in Progress - Raw Materials 17,362.8 Other Current Assets 2,668.3 Prepaid Expenses 2,630.3 Miscellaneous Current Assets 38.0...
The balance sheet and income statement shown below are for Big D Café: Balance Sheet (millions...
The balance sheet and income statement shown below are for Big D Café: Balance Sheet (millions of $) Assets Cash and securities                                                          2,500 Accounts receivable                                                        11,500 Inventories                                                                        16,000 Total current assets                                                        30,000 Net plant and equipment                                             20,000 Total assets 50,000 Liabilities and Equity Accounts payable                                                             9,500 Notes payable                                                                   7,000 Accruals                                                                               5,500 Total current liabilities                                                    22,000 Long-term debt                                                                15,000 Total liabilities                                                                   37,000 Common stock                                                                  2,000 Retained earnings                                                            11,000 Total common equity                                                     13,000 Total liabilities and equity                                            50,000 Income Statement (millions of $) Sales                                                                                      87,500 Operating costs except...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT