Question: Accounting Cycle Please use information in this section to answer questions below. You was given the following information to create both a financial statement and

below. You was given the following information to create both a financial

Accounting Cycle Please use information in this section to answer questions below. You was given the following information to create both a financial statement and income statement. After you have created the financial statements, please answer the questions below. Total Equity 18000 Income 31000 Cash 15000 Mortgage Payable 10000 Accts Receivable 8000 Advertising Exp 10000 Total Fixed Assets 17000 Salary Exp 4000 Rent Exp 7000 Insurance Exp 6000 Accts Payable 9000 Tax Payable 3000 1) Using the information given. What are the Total Expenses? 125 Points 2) Using the information given. What is the Total Income(Revenue)? 125 Points 3) Using the information given. What is the company's Net Income? 12 5 Points ADS a otv 31 3) Using the information given. What is the company's Net Income? 12.5 Points 4) Using the information given. What are the Total Current Assets? 12.5 Points 5) Using the information given. What are the Total Assets? 12.5 Points 6) Using the information given. What are the Total Current Liabilities? 12.5 Points 7) Using the information given. What are the Total Long term Liabilities? 12.5 Points 8) Using the information given. What are the Total Liabilities and Owner's Equity? 12.5 Points

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