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Balance Sheet Assets Cash Accounts Receivable Inventory Prepaid Expenses 2020 Income Statement 2020 Sales $ 530,000 $ 280,000 Cost of Goods Sold 148,400 117,600 Gross Profit $ 381,600 89,600 Interest Income 53,000 14,000 Total Income 434,600 Total Current Assets $ 501,200 Sales Salaries 121,900 Fixed Assets 33,600 26,500 Office Salaries Total Assets $ 534,800 Office Equipment Rental 37,100 Liabilities & Equity Interest Expense 15,900 Accounts Payable $ 90,916 General & Administrative 4,770 Notes Payable 48,132 Total Expenses 206,170 Accrued Expenses 42,784 Income Before Tax 228,430 Taxes Payable 37,436 Income Taxes 132,500 Deferred Taxes 48,132 Net Income $4 95,930 Total Current Liabilities $ 267,400 Long-Term Notes 123,004 $ 390,404 Total Liabilities Capital Stock Retained Earnings 53,480 90,916 $ 144,396 $ 534,800 Total Equity Total Liabilities & Equity

Balance Sheet Assets Cash Accounts Receivable Inventory Prepaid Expenses 2020 Income Statement 2020 Sales $ 530,000 $ 280,000 Cost of Goods Sold 148,400 117,600 Gross Profit $ 381,600 89,600 Interest Income 53,000 14,000 Total Income 434,600 Total Current Assets $ 501,200 Sales Salaries 121,900 Fixed Assets 33,600 26,500 Office Salaries Total Assets $ 534,800 Office Equipment Rental 37,100 Liabilities & Equity Interest Expense 15,900 Accounts Payable $ 90,916 General & Administrative 4,770 Notes Payable 48,132 Total Expenses 206,170 Accrued Expenses 42,784 Income Before Tax 228,430 Taxes Payable 37,436 Income Taxes 132,500 Deferred Taxes 48,132 Net Income $4 95,930 Total Current Liabilities $ 267,400 Long-Term Notes 123,004 $ 390,404 Total Liabilities Capital Stock Retained Earnings 53,480 90,916 $ 144,396 $ 534,800 Total Equity Total Liabilities & Equity

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Using Financial Statements for 2020, current ratio for the year 2020 is 1.62.

Balance Sheet 2020 Income Statement 2020 Assets Sales $ 530,000 Cash $ 280,000 Cost of Goods Sold 148,400 Accounts Receivable 117,600 Gross Profit $ 381,600 Inventory 89,600 Interest Income 53,000 14,000 $ 501,200 Prepaid Expenses Total Income $ 434,600 Total Current Assets Sales Salaries 121,900 Fixed Assets 33,600 Office Salaries 26,500 Total Assets $ 534,800 Office Equipment Rental 37,100 Liabilities & Equity Interest Expense 15,900 Accounts Payable $ 90,916 General & Administrative 4,770 Notes Payable 48,132 Total Expenses 206,170 Accrued Expenses 42,784 Income Before Tax 228,430 Taxes Payable 37,436 Income Taxes 132,500 Deferred Taxes 48,132 Net Income $ 95,930 Total Current Liabilities $ 267,400 Long-Term Notes 123,004 Total Liabilities $ 390,404 Capital Stock 53,480 Retained Earnings 90,916 $ 144,396 $ 534,800 Total Equity Total Liabilities & Equity
Transcribed Image Text:Balance Sheet 2020 Income Statement 2020 Assets Sales $ 530,000 Cash $ 280,000 Cost of Goods Sold 148,400 Accounts Receivable 117,600 Gross Profit $ 381,600 Inventory 89,600 Interest Income 53,000 14,000 $ 501,200 Prepaid Expenses Total Income $ 434,600 Total Current Assets Sales Salaries 121,900 Fixed Assets 33,600 Office Salaries 26,500 Total Assets $ 534,800 Office Equipment Rental 37,100 Liabilities & Equity Interest Expense 15,900 Accounts Payable $ 90,916 General & Administrative 4,770 Notes Payable 48,132 Total Expenses 206,170 Accrued Expenses 42,784 Income Before Tax 228,430 Taxes Payable 37,436 Income Taxes 132,500 Deferred Taxes 48,132 Net Income $ 95,930 Total Current Liabilities $ 267,400 Long-Term Notes 123,004 Total Liabilities $ 390,404 Capital Stock 53,480 Retained Earnings 90,916 $ 144,396 $ 534,800 Total Equity Total Liabilities & Equity
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