QUESTION 1Sales RevenueCost of Goods SoldSelling ExpensesDepreciation and Amortization ExpenseQUESTION 2FloorMart has the following values on its Balance SheetCurrent LiabilitiesApplesoft, Inc.Income StatementFor the year ended December 31Total AssetsNoncurrent AssetsCalculate Applesoft's Gross Profit Margin for the year ended December 31. Round to the nearest WHOLE PERCENT and do not include the % sign in your answer.Common StockTotal Shareholders' Equity$80,000Calculate the Working Capital$55,000$1,000$4,000QUESTION 3A company's current ratio is 2:1. What effect will borrowing $100,000 cash on a two-year note have on this company's current ratio?O A. Decreases it.B. Increases it.O C. Have no effect.$11,000$33,000$12,000$2,000$16,000

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Applesoft, Inc. Income Statement For the year ended December 31

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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