Question

Create a Balance Sheet using the following data:
               
Sales   $55,000           Accumulated Depreciation   19,000            
Cost of good sold   32,000           Accounts Receivable    7,300           
Depreciation Expense   3,800           Accounts Payable   6,500           
Interest Expense   2,600           Short-term notes payable   2,600           
Income taxes   5,985             Marketing, general and admin expenses   4,500  

Inventories   4,700           Gross fixed assets   64,800           
Long-term debt   36,000           Common stock   12,000           

Other assets   1,500           Retained earnings   13,850  

Cash   ?               
Include two columns Percentage of Total assets and Dollar Value.              
Also firm has paid $1,500 in common stock dividends during the year and has 1000 shares outstanding .

  

Answer 1

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