7. Complete the partial income statement if the company paid interest expense of $18,000 for 2014 and had an overall tax rate of 40% for 2014. 8. Complete the balance sheet (Hint, find accumulated depreciation for 2014 first). For questions 7 and 8 Partial Income Statement Year Ending 2014 Sales Revenue $350,000 $140,000 $43,000 COGS Fixed Costs SG&A Expenses Depreciation $28,000 $46,000
7. Complete the partial income statement if the company paid interest expense of $18,000 for 2014 and had an overall tax rate of 40% for 2014. 8. Complete the balance sheet (Hint, find accumulated depreciation for 2014 first). For questions 7 and 8 Partial Income Statement Year Ending 2014 Sales Revenue $350,000 $140,000 $43,000 COGS Fixed Costs SG&A Expenses Depreciation $28,000 $46,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![7. Complete the partial income statement if the company paid interest expense of
$18,000 for 2014 and had an overall tax rate of 40% for 2014.
8. Complete the balance sheet (Hint, find accumulated depreciation for 2014 first).
For questions 7 and 8
Partial Income Statement Year Ending 2014
Sales Revenue
$350,000
$140,000
$43,000
$28,000
$46,000
COGS
Fixed Costs
SG&A Expenses
Depreciation
Partial Balance Sheet 12/31/2013
Assets:
Liabilities:
$14,000
Notes Payable
Accounts Payable $19,000
Long-Term Debt $190,000
$16,000
$28,000
$48,000
$368,000
Acc. Depreciation $142,000
$82,000
Cash
Accounts Rec.
Inventories
Fixed Assets
Owners' Equity:
Retained Earnings $???????
Common Stock
$130,000
Intangible Assets
Partial Balance Sheet 12/31/2014
Liabilities:
Assets:
Cash
$26,000
$19,000
Notes Payable
Accounts Payable
$12,000
$24,000
Accounts Rec.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5c88bd29-5eab-447b-944e-08bdf673d371%2F4950bd48-5687-4e35-a1a3-7ce62dd51c2f%2F164104g_processed.jpeg&w=3840&q=75)
Transcribed Image Text:7. Complete the partial income statement if the company paid interest expense of
$18,000 for 2014 and had an overall tax rate of 40% for 2014.
8. Complete the balance sheet (Hint, find accumulated depreciation for 2014 first).
For questions 7 and 8
Partial Income Statement Year Ending 2014
Sales Revenue
$350,000
$140,000
$43,000
$28,000
$46,000
COGS
Fixed Costs
SG&A Expenses
Depreciation
Partial Balance Sheet 12/31/2013
Assets:
Liabilities:
$14,000
Notes Payable
Accounts Payable $19,000
Long-Term Debt $190,000
$16,000
$28,000
$48,000
$368,000
Acc. Depreciation $142,000
$82,000
Cash
Accounts Rec.
Inventories
Fixed Assets
Owners' Equity:
Retained Earnings $???????
Common Stock
$130,000
Intangible Assets
Partial Balance Sheet 12/31/2014
Liabilities:
Assets:
Cash
$26,000
$19,000
Notes Payable
Accounts Payable
$12,000
$24,000
Accounts Rec.
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