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?

2) Using the information given. What is the Total Income(Revenue)?

3) Using the information given. What is the company's Net Income?

(4) Using the information given. What are the Total Current Assets?

5) Using the information given. What are the Total Assets?

6) Using the information given. What are the Total Current Liabilities?

7) Using the information given. What are the Total Long term Liabilities?

8) Using the information given. What are the Total Liabilities and Owner's Equity?

Answer rating: 100% (QA)

Total Expenses Advertising Exp Salary Exp Rent Exp Insurance Exp ... View the full answer