If the current account balances are: Cash = 5,000 Inventory = 7,500 Accounts Payable = 20,000 Long
Question:
Cash = 5,000
Inventory = 7,500
Accounts Payable = 20,000
Long Term Debt = 25,000
Retained Earnings = 15,000
Calculate the current liabilities.
Which financial statement shows the total revenue a firm earns and the total expenses the firm incurs to generate those revenues over time?
If the current account balances are:
Cash = 10,000
Accounts Payable = $9,000
Common Equity = $3,000
Accounts Receivable = $800
Fixed Assets = $2,500
Calculate current assets.
What is an example of an income statement and a balance sheet for a business for the year ending December 31, 2021?
Accounts receivable......................................... $9,000
Accumulated depreciation................................. $12,000
Cost of goods sold.......................................... $4,000
Income tax expense......................................... $5,000
Cash........................................................... $ 5,000
Sales........................................................... $55,000
Equipment (gross)........................................... $40,000
Selling, general, & administrative expenses............. $5,000
Common stock (1,000 shares).............................. $10,000
Accounts payable........................................... $15,000
Retained earnings........................................... $9,500
Interest expense............................................. $200
Inventory..................................................... $18,000
Long-term debt.............................................. $ 25,500
Dividends declared and paid.............................. $800
What is the gross profit if net sales are 55,000, accounts receivable is 2,000, the administrative expense is 5,000, and the cost of goods sold is 24,000?
If earnings before taxes (EBT) are 400,000, net sales (all on credit) are 225,000, dividends are 25,000, and net income is 270,000, what is the tax expense?
Expert Answer:
SOLUTION Question 1 To calculate the current liabilities we need to add the value of Accounts Payable and Long Term Debt Current Liabilities Accounts ... View the full answer
