2022 Income Statement: Sales revenue Cost of goods sold Fixed Costs 600,000 240,000 50,000 Selling, General, and Admin Expenses 30,000 Depreciation 50,000 2021 Balance Sheet: Assets Cash Accounts Receivable Inventories Fixed Assets Accumulated Depreciation Intangible Assets 2022 Balance Sheet: Assets Cash Accounts Receivable Inventories Fixed Assets Accumulated Depreciation, Intangible Assets 60,000 40,000 20,000 300,000 100,000 50,000 80,000 50,000 40,000 400,000 150,000 80,000 Liabilities Notes Payable Accounts Payable Long-Term Debt Owner's Equity Retained Earnings Common Stock Liabilities Notes Payable Accounts Payable Long-Term Debt Owner's Equity Retained Earnings Common Stock 30,000 40,000 150,000 60,000 120,000 50,000 40,000 180,000 ????? 150,000 What is net income for 2022? Total interest paid in 2022 is $70,000 and the tax rate is 25%.

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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2022 Income Statement:
Sales revenue
Cost of goods sold
Fixed Costs
600,000
240,000
50,000
Selling, General, and Admin Expenses 30,000
Depreciation
50,000
2021 Balance Sheet:
Assets
Cash
Accounts Receivable
Inventories
Fixed Assets
Accumulated Depreciation
Intangible Assets
2022 Balance Sheet:
Assets
Cash
Accounts Receivable
Inventories
Fixed Assets
Accumulated Depreciation,
Intangible Assets
60,000
40,000
20,000
300,000
100,000
50,000
80,000
50,000
40,000
400,000
150,000
80,000
Liabilities
Notes Payable
Accounts Payable
Long-Term Debt
Owner's Equity
Retained Earnings
Common Stock
Liabilities
Notes Payable
Accounts Payable
Long-Term Debt
Owner's Equity
Retained Earnings
Common Stock
30,000
40,000
150,000
60,000
120,000
50,000
40,000
180,000
?????
150,000
What is net income for 2022? Total interest paid in 2022 is $70,000 and the tax rate
is 25%.
Transcribed Image Text:2022 Income Statement: Sales revenue Cost of goods sold Fixed Costs 600,000 240,000 50,000 Selling, General, and Admin Expenses 30,000 Depreciation 50,000 2021 Balance Sheet: Assets Cash Accounts Receivable Inventories Fixed Assets Accumulated Depreciation Intangible Assets 2022 Balance Sheet: Assets Cash Accounts Receivable Inventories Fixed Assets Accumulated Depreciation, Intangible Assets 60,000 40,000 20,000 300,000 100,000 50,000 80,000 50,000 40,000 400,000 150,000 80,000 Liabilities Notes Payable Accounts Payable Long-Term Debt Owner's Equity Retained Earnings Common Stock Liabilities Notes Payable Accounts Payable Long-Term Debt Owner's Equity Retained Earnings Common Stock 30,000 40,000 150,000 60,000 120,000 50,000 40,000 180,000 ????? 150,000 What is net income for 2022? Total interest paid in 2022 is $70,000 and the tax rate is 25%.
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