Question

Fargo Inc. showed the following income statement information for its first three years of operations:


Partial information regarding Fargo’s equity for the past three years follows:


Required
1. Calculate Gross Profit, Operating Income, Income Before Tax, and Net Income for the years ended December 31, 2013, 2014, and 2015.
2. Calculate Contributed Capital as at December 31, 2013, 2014, and 2015.
3. Calculate Retained Earnings as at December 31, 2013, 2014, and 2015.
4. Calculate Total Equity as at December 31, 2013, 2014, and 2015.
Analysis Component: Assume total liabilities in 2015, 2014, and 2013 were $1,123,200, $936,000, and $900,000, respectively. Identify whether the balance sheet has been strengthened from 2013 to 2015. Explain what thismeans.


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  • CreatedJanuary 08, 2015
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