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1. What did it cost to make your product? 2. What is the value of everything the company owns 3. How much profit did the company make? 49 4. How much is the business worth to Richard?

1. What did it cost to make your product? 2. What is the value of everything the company owns 3. How much profit did the company make? 49 4. How much is the business worth to Richard?

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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Warrior Industries Income Statement for year ending 12/31/20XX Sales revenue Less cost of goods sold Gross margin Less operating expenses Marketing Sales and administrative Depreciation Total operating expenses Operating income Investigate Less interest expense Income before taxes Income tax expense Net income E12 D 0° C 40,000 20,000 10,000 (E 456,428 205,200 251,228 70,000 181,228 7,000 174,228 40,000 134,228 Co W ✿ Assets Current Assets Cash Accounts receivable Inventory Fixed assets Total assets 0 Warrior Industries Balance Sheet for 12/31/20XX Property, plant and equipment Accumulated depreciation *Net fixed assets Total current assets Liabilities and Owner's Equity Current liabilities Accounts payable Note payable to bank Deposits from customers Owner's Equity Long term mortgage Total current liabilities Total liabilities Retained earnings Total Owners' Equity Total liability and equities $ 52,400.00 $ 11,000.00 $ 15,900.00 $ 79,300.00 $ 80,000.00 $ (20,000.00) $ 60,000.00 $139,300.00 $ 5,300.00 $ 2,700.00 $ 6,000.00 $ 14,000.00 $ 40,000.00 $ 54,000.00 $ 85,300.00 $ 85,300.00 $139,300.00 (?) 60°F C
Transcribed Image Text:Warrior Industries Income Statement for year ending 12/31/20XX Sales revenue Less cost of goods sold Gross margin Less operating expenses Marketing Sales and administrative Depreciation Total operating expenses Operating income Investigate Less interest expense Income before taxes Income tax expense Net income E12 D 0° C 40,000 20,000 10,000 (E 456,428 205,200 251,228 70,000 181,228 7,000 174,228 40,000 134,228 Co W ✿ Assets Current Assets Cash Accounts receivable Inventory Fixed assets Total assets 0 Warrior Industries Balance Sheet for 12/31/20XX Property, plant and equipment Accumulated depreciation *Net fixed assets Total current assets Liabilities and Owner's Equity Current liabilities Accounts payable Note payable to bank Deposits from customers Owner's Equity Long term mortgage Total current liabilities Total liabilities Retained earnings Total Owners' Equity Total liability and equities $ 52,400.00 $ 11,000.00 $ 15,900.00 $ 79,300.00 $ 80,000.00 $ (20,000.00) $ 60,000.00 $139,300.00 $ 5,300.00 $ 2,700.00 $ 6,000.00 $ 14,000.00 $ 40,000.00 $ 54,000.00 $ 85,300.00 $ 85,300.00 $139,300.00 (?) 60°F C
1. What did it cost to make your product? 2. What is the value of everything the company owns? 3. How much profit did the company make? 4. How much is the business worth to Richard?
Transcribed Image Text:1. What did it cost to make your product? 2. What is the value of everything the company owns? 3. How much profit did the company make? 4. How much is the business worth to Richard?
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