Question

Put the following income statement and balance sheet terms (general ledger accounts) in the proper order for properly prepared financial statements: Taxes, interest, gross profit, selling, general and administrative expenses, sales, depreciation, net income, cost of goods sold, EBITDA.

Put the following balance sheet terms (general ledger accounts) in the appropriate category as either short-term assets, long-term assets, short-term liabilities, long-term liabilities, and/or owner's equity for properly prepared financial statements: Cash, accounts payable, accruals, property, plant and equipment, inventory, accounts receivables, paid in capital, retained earnings, notes payable, mortgage, accounts payable.

Answer 1

	Income Statement
	Sales	XXX
	cost of goods sold	XXX
	Gross Profit	XXX
	Less: Expenses
	Depreciation	XXX
	Selling	XXX
	General and administrative Expenses	XXX
	EBITDA	XXX
	Interest	XXX
	Profit Before Taxation	XXX
	Taxation	XXX
	Net income	XXX
	BALANCE SHEET
	ASSETS	AMOUNT	LIABILITIES	AMOUNT
	CURRENT ASSETS		CURRENT LIABILITIES	AMOUNT
	Account Receivable	XXX	Account Payable	XXX
	Cash	XXX	Accrual	XXX
	Inventory	XXX	Short Term Liabilities	XXX
	Short Term Assets	XXX	Notes Payable	XXX
			Mortgage	XXX
	Long Term Assets	XXX
			TOTAL CURRENT LIABILITIES	XXX
	TOTAL CURRENT ASSETS(A)	XXX	Long Term Liabilities	XXX
			Not Payable
			TOTAL LIABILITIES (A)
			OWNER'S EQUITY
			Paid in Capital	XXX
	FIXED ASSETS
	Property	XXX	Retained Earnings	XXX
	Plant and Equipment	XXX
	TOTAL FIXED ASSETS (A)	XXX
	TOTAL ASSETS (A + B)	XXX	TOTAL LIABILITIES AND OWNERS EQUITY (A +B)	XXX