1 5 6 7 -8 39 40 41 12 43 44 45 46 47 48 Current Assets: Cash Accounts Receivable Inventory Total Current Assets Long-Term Assets: Land Buildings (Net) Equipment (Net) Total Long-Term Assets Total Assets Current Liabilities: Accounts Payable Taxes Payable Wages Payable Total Current Liabilities Long-Term Liabilities: Notes Payable Total Liabilities Sales Cost of Goods Sold Gross Profit Owners' Equity Total Liabilities & Owners' Equity Expenses: Wages Expense Legal Expense Marketing Expense Utilities Expense Universal Office Furnishings, Inc. Balance Sheet December 31, 2021 LIABILITIES & OWNERS' EQUITY Total Expenses Earnings Before Taxes (EBT) Tax (40%) Net Income ASSETS $16,824 9,471 11,387 $7,712 422 2,478 12,422 Universal Office Furnishings, Inc. Income Statement For Period Ending December 31, 2021 $16,469 8,435 4,155 1,698 $15,227 $34,115 11,685 $54,846 $41,257 ++

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
5
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FARNEFN
17
21
26
27
28
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31
32
33
34
35
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38
39
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AD
Current Assets:
Cash
Accounts Receivable
Inventory
Total Current Assets
Long-Term Assets:
Land
Buildings (Net)
Equipment (Net)
Total Long-Term Assets
Total Assets
Current Liabilities:
Accounts Payable
Taxes Payable
Wages Payable
Total Current Liabilities
Long-Term Liabilities:
Notes Payable
Total Liabilities
Sales
Cost of Goods Sold
Gross Profit
Owners' Equity
Total Liabilities & Owners' Equity
Expenses:
Wages Expense
Legal Expense
Marketing Expense
Utilities Expense
Universal Office Furnishings, Inc.
Balance Sheet
December 31, 2021
LIABILITIES & OWNERS' EQUITY
Total Expenses
Earnings Before Taxes (EBT)
Tax (40%)
Net Income
ASSETS
$16,824
9,471
11,387
$7,712
422
2,478
12,422
Universal Office Furnishings, Inc.
Income Statement
For Period Ending December 31, 2021
$16,469
8,435
4,155
1,698
$15,227
$34,115
11,685
$54,846
$41,257
Transcribed Image Text:5 6 7 5 9 10 FARNEFN 17 21 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 AD Current Assets: Cash Accounts Receivable Inventory Total Current Assets Long-Term Assets: Land Buildings (Net) Equipment (Net) Total Long-Term Assets Total Assets Current Liabilities: Accounts Payable Taxes Payable Wages Payable Total Current Liabilities Long-Term Liabilities: Notes Payable Total Liabilities Sales Cost of Goods Sold Gross Profit Owners' Equity Total Liabilities & Owners' Equity Expenses: Wages Expense Legal Expense Marketing Expense Utilities Expense Universal Office Furnishings, Inc. Balance Sheet December 31, 2021 LIABILITIES & OWNERS' EQUITY Total Expenses Earnings Before Taxes (EBT) Tax (40%) Net Income ASSETS $16,824 9,471 11,387 $7,712 422 2,478 12,422 Universal Office Furnishings, Inc. Income Statement For Period Ending December 31, 2021 $16,469 8,435 4,155 1,698 $15,227 $34,115 11,685 $54,846 $41,257
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