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 8Partial Income Statement Year Ending 2014Sales Revenue$350,000$140,000$43,000$28,000$46,000COGSFixed CostsSG&A ExpensesDepreciationPartial Balance Sheet 12/31/2013Assets:Liabilities:$14,000Notes PayableAccounts Payable $19,000Long-Term Debt $190,000$16,000$28,000$48,000$368,000Acc. Depreciation $142,000$82,000CashAccounts Rec.InventoriesFixed AssetsOwners' Equity:Retained Earnings $???????Common Stock$130,000Intangible AssetsPartial Balance Sheet 12/31/2014Liabilities:Assets:Cash$26,000$19,000Notes PayableAccounts Payable$12,000$24,000Accounts Rec.

Income statement: An income statement or profit and loss account is one of the financial statements…

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

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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