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 ++

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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Net working capital increases when: A. a credit customer pays for his or her purchase B. inventory is sold at cost. C. fixed assets are purchased for cash D. inventory is purchased on credit
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Quiz Q5
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