Directions: Given the account balances below, calculate the indicated amounts for the current year's financial statements: Retained Earnings prior year 7,050 PP&E, net 4,440 Wages Expense Administration Expense 190 150 Cash 1,550 Тах Expense 205 Common Stock 300 Inventory Accounts Payable Accounts Receivable Notes Payable Depreciation Expense Cost of Goods Sold 3,700 1,800 2,700 2,200 220 6,700 Dividends 200 Interest Expense 85 Revenue 8,400 Tax Liability 390 Missing Amounts: Gross Profit ? Operating Income ? Income Before Tax ?
Directions: Given the account balances below, calculate the indicated amounts for the current year's financial statements: Retained Earnings prior year 7,050 PP&E, net 4,440 Wages Expense Administration Expense 190 150 Cash 1,550 Тах Expense 205 Common Stock 300 Inventory Accounts Payable Accounts Receivable Notes Payable Depreciation Expense Cost of Goods Sold 3,700 1,800 2,700 2,200 220 6,700 Dividends 200 Interest Expense 85 Revenue 8,400 Tax Liability 390 Missing Amounts: Gross Profit ? Operating Income ? Income Before Tax ?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
answer first three subparts
Transcribed Image Text:Directions: Given the account balances below, calculate the indicated amounts
for the current year's financial statements:
Retained Earnings prior year
7,050
PP&E, net
4,440
Wages Expense
Administration Expense
190
150
Cash
1,550
Таx Expense
|Common Stock
205
300
Inventory
Accounts Payable
Accounts Receivable
Notes Payable
3,700
1,800
2,700
2,200
Depreciation Expense
220
Cost of Goods Sold
6,700
Dividends
200
Interest Expense
85
Revenue
8,400
Tax Liability
390
Missing Amounts:
Gross Profit
?
Operating Income
?
Income Before Tax
?
Net Income
?
Total Assets
?
Total Liabilities
?
Retained Earnings End of Current Period
Shareholders' Equity
?
?
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