Question #1
Compute the missing amounts, and complete the statements of the Truman Co
(Hint: Complete the Income Statement first)
TRUMAN COMPANY
BALANCE SHEET
AS OF DECEMBER 31, 2019
Cash	?		Current Liabilities	?
Accounts Receivable (Net)	72,133		8% Long-Term Bonds Payable	144,000
Inventory	?		Common Stock	?
PPE (Net)	?		Retained Earnings	50,000
Total Assets	626,000		Total Liabilities and Stockholders' Equity	626,000
TRUMAN COMPANY
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2019
Net Sales				?
Cost of Goods Sold				?
Gross Profit				?
SGA Expenses				245,785
Income from Operations				?
Interest Expense on Bonds Payable				?
Income before Income Taxes				?
Income Tax Expense				?
Net Income				70,200
The following information is available about Truman Company's financial statements:
1. The Current Ratio for the firm is 3.5
2. The Quick Ratio for the firm is 2.25
3. The Net Profit Margin for the firm is 9.5%
4. The Gross Profit Margin for the firm is 47%
5. The Return on Common Equity for the firm is 16%
6. The Income Tax Rate for the firm is 22%