https:/inewcohhectmedudu Saved HAPTER THREE HOMEWORK Given the financial statements for Jones Corporation and Smith Corporation: JONES CORPORATION Liabilities Current Assets 5 points $100,000 80,000 s 20,000 Accounts payable Cash Accounts receivable Inventory 80,000 Bonds payable (long term) 50,000 Skipped Long-Tern Assets Stockholders' Equity $500,000 150,000 $150,000 70,000 100-000 $500,000 Common stock Paid-in capital Gross fixed assets Less: Accunulated depreelation Net fixed assets 350,000 Retained earnings $500,000 Total assets Total liabilities and equity sales (on credit) Cost of goods sold Gross profit $1,250,000 750,000 $500,000 257,000 50,000 193,000 8,000 185,000 Selling and administrative expense Print Depreciation expense operating protit Interest expense Earnings betore taxes Tax expense Net incone References 92,500 Use net fixed assets in computing fixed asset turnover Includes $7000 in lease payments. SMITH CORPORATION Currest Assets Liabilities Cash Marketable securities Accounts receivable 35,000 Accounts payable 75,000 210,000 ,500 Bonds payable (long term) 70,000 75, 000 Inventory Long-Tere Assets stockholders Equity