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2- Complete the following statement: A 8,000 B 9,000 C 5,000 4,200 Sales 6,000 4,000 Cost of goods sold 5,700 Gross profit Administrative expenses 1,800 1,700 1,800 400 Operating income Interest expense 550 550 (400) 600 100 Income before tax 540 (540) Income tax 200 230 210 Net income 315 350 (540) Net margin (net income/sales) 3.5% 7% -9% 8%

2- Complete the following statement: A 8,000 B 9,000 C 5,000 4,200 Sales 6,000 4,000 Cost of goods sold 5,700 Gross profit Administrative expenses 1,800 1,700 1,800 400 Operating income Interest expense 550 550 (400) 600 100 Income before tax 540 (540) Income tax 200 230 210 Net income 315 350 (540) Net margin (net income/sales) 3.5% 7% -9% 8%

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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1- Prepare a balance sheet for Albert Company as of December 31, 2021: Prepaid Expense Notes Payable Estimated Uncollectible Accounts Accounts Payable Unearned Income Albert, Capital Interest Income Furniture and Fixtures Cash and Cash Equivalents Cost of Goods Sold 6,700.00 532,000.00 115,000.00 1,200,000.00 472,390.00 3,389,178.00 62,100.00 120,700.00 1,257,000.00 1,307,300.00 450.000.00 Sales Accumulated Depreciation Mortgage Payable Accrued Rent Expense Inventory Salaries Expense Albert, Drawing Equipment Gas, Oil and Lubricants 3,908,000.00 70,682.00 2,420,000.00 67,000.00 899,000.00 784,100.00 76,100.00 56,750.00 73,200.00 5,400,000.00 124,590.00 Land Accounts Receivable Rent Expense 2- Complete the following statement: A 8,000 5,700 C 5,000 4,200 В D E 4,000 Sales 9,000 6,000 Cost of goods sold Gross profit Administrative expenses 1,800 1,700 1,800 400 Operating income Interest expense 550 550 (400) 600 100 Income before tax 540 (540) Income tax 200 230 210 (540) -9% Net income 315 350 Net margin (net income/sales) 3.5% 7% 8%
Transcribed Image Text:1- Prepare a balance sheet for Albert Company as of December 31, 2021: Prepaid Expense Notes Payable Estimated Uncollectible Accounts Accounts Payable Unearned Income Albert, Capital Interest Income Furniture and Fixtures Cash and Cash Equivalents Cost of Goods Sold 6,700.00 532,000.00 115,000.00 1,200,000.00 472,390.00 3,389,178.00 62,100.00 120,700.00 1,257,000.00 1,307,300.00 450.000.00 Sales Accumulated Depreciation Mortgage Payable Accrued Rent Expense Inventory Salaries Expense Albert, Drawing Equipment Gas, Oil and Lubricants 3,908,000.00 70,682.00 2,420,000.00 67,000.00 899,000.00 784,100.00 76,100.00 56,750.00 73,200.00 5,400,000.00 124,590.00 Land Accounts Receivable Rent Expense 2- Complete the following statement: A 8,000 5,700 C 5,000 4,200 В D E 4,000 Sales 9,000 6,000 Cost of goods sold Gross profit Administrative expenses 1,800 1,700 1,800 400 Operating income Interest expense 550 550 (400) 600 100 Income before tax 540 (540) Income tax 200 230 210 (540) -9% Net income 315 350 Net margin (net income/sales) 3.5% 7% 8%
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