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(1) These are cumulative retained earnings but textbook simply calls it retained earnings ASSETS Current Assets Cash Accounts receivable Inventories Total current assets Gross Fixed assets Accumulated depreciation Net Fixed Assets Intangible assets Total long-term assets TOTAL ASSETS 2015? 2015? Partial Balance Sheet 12/31/2016 LIABILITIES A/ 3,000 A/ Current Liabilities Notes payable Accounts payable 10,000 Total current liabilities 20,000 Long-term debt Total liabilities OWNERS' EQUITY Retained earnings Common stock 150,000 DO NOT use dollar signs, USE commas to separate thousands, DO NOT use parenthesis to denote negative numbers, USE the negative sign and place it in front of first digit of your when your answer is a negative number. Round to the nearest dollar. 1. What is the amount for Total Assets in 2015? A 2. What is amount for Total Liabilities & Owner's Equity for 2016? 3. What is the amount of current assets in 2015? 4. What is the amount for Retained Earnings in the Balance Sheet in 2016? A/ 5. What is the amount for Net Fixed assets in the Balance Sheet in 2015? A 이 150,000 Total owner's equity TOTAL LIABILITIES & OWNER'S EQUITY 8.000 10,000 70,000 6. What is the amount for Total Owner's Equity in the Balance Sheet for 7. What is the amount for Long-Term debt in the Balance Sheet in

(1) These are cumulative retained earnings but textbook simply calls it retained earnings ASSETS Current Assets Cash Accounts receivable Inventories Total current assets Gross Fixed assets Accumulated depreciation Net Fixed Assets Intangible assets Total long-term assets TOTAL ASSETS 2015? 2015? Partial Balance Sheet 12/31/2016 LIABILITIES A/ 3,000 A/ Current Liabilities Notes payable Accounts payable 10,000 Total current liabilities 20,000 Long-term debt Total liabilities OWNERS' EQUITY Retained earnings Common stock 150,000 DO NOT use dollar signs, USE commas to separate thousands, DO NOT use parenthesis to denote negative numbers, USE the negative sign and place it in front of first digit of your when your answer is a negative number. Round to the nearest dollar. 1. What is the amount for Total Assets in 2015? A 2. What is amount for Total Liabilities & Owner's Equity for 2016? 3. What is the amount of current assets in 2015? 4. What is the amount for Retained Earnings in the Balance Sheet in 2016? A/ 5. What is the amount for Net Fixed assets in the Balance Sheet in 2015? A 이 150,000 Total owner's equity TOTAL LIABILITIES & OWNER'S EQUITY 8.000 10,000 70,000 6. What is the amount for Total Owner's Equity in the Balance Sheet for 7. What is the amount for Long-Term debt in the Balance Sheet in

FINANCIAL ACCOUNTING
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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Balance sheet. Use the data from the financial statements of a company shown below. Use it to answer the 7 questions that follow it. When answering the questions (filling in the blanks), DO NOT use dollar signs, USE commas to separate thousands, DO NOT use parenthesis to denote negative numbers, USE the negative sign and place it in front of first digit of your answer when your answer is a negative number. Round to the nearest dollar. Income Statement year ending 2016 Sales Revenues Cost of goods sold Fixed costs Selling, general, and administrative expenses Depreciation EBIT Interest expense Taxable Income Taxes Net Income *** Tax rate Dividens paid ASSETS Current Assets Cash Accounts receivable Inventories Total current assets Gross Fixed assets Accumulated depreciation Net Fixed assets Intangible assets TOTAL ASSETS $100,000 50,000 12,000 14,667 10,000 13,333 10,000 25% 2,000 Partial Balance Sheet 12/31/2015 LIABILITIES Current Liabilities Notes payable Accounts payable 5,000 Total current liabilities Long-term debt 1,000 Total Liabilities 155,000 OWNERS' EQUITY 20,000 Retained earnings (1) Common stock 0 Total owner's equity 1,000 7,000 20,000 70,000 TOTAL LIABILITIES & OWNER'S EQUITY $150,000
Transcribed Image Text:Balance sheet. Use the data from the financial statements of a company shown below. Use it to answer the 7 questions that follow it. When answering the questions (filling in the blanks), DO NOT use dollar signs, USE commas to separate thousands, DO NOT use parenthesis to denote negative numbers, USE the negative sign and place it in front of first digit of your answer when your answer is a negative number. Round to the nearest dollar. Income Statement year ending 2016 Sales Revenues Cost of goods sold Fixed costs Selling, general, and administrative expenses Depreciation EBIT Interest expense Taxable Income Taxes Net Income *** Tax rate Dividens paid ASSETS Current Assets Cash Accounts receivable Inventories Total current assets Gross Fixed assets Accumulated depreciation Net Fixed assets Intangible assets TOTAL ASSETS $100,000 50,000 12,000 14,667 10,000 13,333 10,000 25% 2,000 Partial Balance Sheet 12/31/2015 LIABILITIES Current Liabilities Notes payable Accounts payable 5,000 Total current liabilities Long-term debt 1,000 Total Liabilities 155,000 OWNERS' EQUITY 20,000 Retained earnings (1) Common stock 0 Total owner's equity 1,000 7,000 20,000 70,000 TOTAL LIABILITIES & OWNER'S EQUITY $150,000
(1) These are cumulative retained earnings but textbook simply calls it retained earnings ASSETS Current Assets Cash Accounts receivable Inventories Total current assets Gross Fixed assets Accumulated depreciation Net Fixed Assets Intangible assets Total long-term assets TOTAL ASSETS 2015? 2015? Partial Balance Sheet 12/31/2016 LIABILITIES 3,000 A/ Current Liabilities Notes payable Accounts payable 10,000 Total current liabilities 20,000 Long-term debt Total liabilities OWNERS' EQUITY Retained earnings Common stock 150,000 DO NOT use dollar signs, USE commas to separate thousands, DO NOT use parenthesis to denote negative numbers, USE the negative sign and place it in front of first digit of your when your answer is a negative number. Round to the nearest dollar. 1. What is the amount for Total Assets in 2015? 이 150,000 Total owner's equity A 2. What is amount for Total Liabilities & Owner's Equity for 2016? 3. What is the amount of current assets in 2015? 4. What is the amount for Retained Earnings in the Balance Sheet in 2016? A/ 5. What is the amount for Net Fixed assets in the Balance Sheet in 2015? A TOTAL LIABILITIES & OWNER'S EQUITY 8.000 10,000 70,000 6. What is the amount for Total Owner's Equity in the Balance Sheet for A/ 7. What is the amount for Long-Term debt in the Balance Sheet in A/
Transcribed Image Text:(1) These are cumulative retained earnings but textbook simply calls it retained earnings ASSETS Current Assets Cash Accounts receivable Inventories Total current assets Gross Fixed assets Accumulated depreciation Net Fixed Assets Intangible assets Total long-term assets TOTAL ASSETS 2015? 2015? Partial Balance Sheet 12/31/2016 LIABILITIES 3,000 A/ Current Liabilities Notes payable Accounts payable 10,000 Total current liabilities 20,000 Long-term debt Total liabilities OWNERS' EQUITY Retained earnings Common stock 150,000 DO NOT use dollar signs, USE commas to separate thousands, DO NOT use parenthesis to denote negative numbers, USE the negative sign and place it in front of first digit of your when your answer is a negative number. Round to the nearest dollar. 1. What is the amount for Total Assets in 2015? 이 150,000 Total owner's equity A 2. What is amount for Total Liabilities & Owner's Equity for 2016? 3. What is the amount of current assets in 2015? 4. What is the amount for Retained Earnings in the Balance Sheet in 2016? A/ 5. What is the amount for Net Fixed assets in the Balance Sheet in 2015? A TOTAL LIABILITIES & OWNER'S EQUITY 8.000 10,000 70,000 6. What is the amount for Total Owner's Equity in the Balance Sheet for A/ 7. What is the amount for Long-Term debt in the Balance Sheet in A/
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