Question: From the following information, construct a simple income statement and a balance sheet: Sales..................$1,000,000 Finished goods.............200,000 Long-term debt.............300,000 Raw materials.............100,000 Cash..................50,000 Cost of goods sold.............600,000
From the following information, construct a simple income statement and a balance sheet:
Sales..................$1,000,000
Finished goods.............200,000
Long-term debt.............300,000
Raw materials.............100,000
Cash..................50,000
Cost of goods sold.............600,000
Accounts receivable...........250,000
Plant and equipment...........400,000
Interest expense.............80,000
Number of shares outstanding........100,000
Earnings before taxes..........220,000
Taxes..................100,000
Accounts payable.............200,000
Other current liabilities..........50,000
Other expenses.............100,000
Equity..................450,000
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