Question

For the below scrambled Income Statement and Balance Sheet, you are to match the Available Choices with the Accounts that are missing numbers. Total Revenue 41,366; Preferred Stock 734; Common Stock 323; Paid-In Capital/Capital Surplus 3,505; Cost of Revenue _______; Income Tax Expense 858; Prepaid Rent _______; Total Current Assets _______; Property Plant and Equipment 6,910; Selling General and Administrative 9,249; Long Term Investments 1,134; Other Long Term Assets 734; Total Assets _______; Accounts Payable 8,065; Current Portion of Long Term Debt 9,333; Accrued Taxes _______; Total Current Liabilities 18,597; Long Term Debt 21,304; Other Long-Term Liabilities 2,491; Net Income _______; Cash And Cash Equivalents 1,962; Accounts Receivables 32,371; Inventory 5,115; Depreciation _______; Earnings Before Interest And Taxes 3,596; Interest Expense _______; Income Before Tax 2,453; Intangible Long-Term Assets 1,648; Total Liabilities and Owners Equity 50,409; Gross Profit 15,720; Retained Earnings _______. This format is somewhat confusing as below these comments you see a list of accounts adjacent to a list of numbers. Usually, some of the numbers are correct by sheer chance. Your job is to use all of the numbers with all of the accounts. Use the pull-down menu to match the proper account to the correct number.

Depreciation The Remaining/Unused Number Total Current Assets Cost of Goods Sold Accrued Taxes Total Assets Interest Expense Prepaid Rent Retained Earnings Net Income

1. 1143 2. 25646 3. 2875 4. 1595 5. 535 6. 39983 7. 50409 8. 1199 9. 3455 10. 4654

Answer 1

Solution

1	1143	Interest Expense
2	25646	Cost of Revenue
3	2875	Depreciation
4	1595	Net Income
5	535	Prepaid rent
6	39983	Total Current Assets
7	50409	Total Assets
8	1199	Accrued Taxes
9	3455	Retained Earnings
10	4654	Unused Number

Working:

Profit and Loss	Amt.	Working
Total Revenue	41366
Cost of Revenue	25646	(41366-15720)
Gross Profit	15720
General and Administrative exp	9249
Depreciation	2875	(15720-9249-3596)
Earnings Before Interest And Taxes	3596
Interest Expense	1143	(3596-2453)
Income Before Tax	2453
Income Tax	858
Net Income	1595	(2453-858)

Balance Sheet		Working			Working
Preferred Stock	734		Property Plant and Equipment	6,910
Common Stock	323		Long Term Investments	1,134
Capital Surplus	3,505		Other Long Term Assets	734
Retained earning	3,455	(31812-734-323-3505-21304-2491)	Intangible Long-Term Assets	1,648
Long Term Debt	21,304
Other Long-Term Liabilities	2,491
Total long term liabilities	31812		Total long term assets	10,426
			Prepaid Rent	535	(39983-1962-32371-5115)
Accounts Payable	8,065		Cash And Cash Equivalents	1,962
Current Portion of Long Term Debt	9,333		Accounts Receivables	32,371
Accrued Taxes	1,199	(18597-9333-8065)	Inventory	5,115
Total Current Liabilities	18,597		Total Current Assets	39,983	(50409-10426)
Total Liabilities and Owners Equity	50,409		Total Assets	50,409	(equal to total liabilities)