ECT Problems Saved Help Save & Exit Check Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income statement for Omega Corp. Unfortunately, although the data for the individual items are correct, he is very confused as to whether an item should go in the balance sheet or income statement and whether it is an asset or liability. BALANCE SHEET $ 36 Payables Inventories $51 Less accumulated depreciation 121 Receivables 40 Total current assets Total current liabilities $355 Interest expense $26 Long-term debt Property, plant, and equipment Net fixed assets 525 Total liabilities Shareholders' equity $94 Total liabilities and Total assets shareholders' equity INCOME STATEMENT $710 Net sales Cost of goods sold Selling, general, and administrative expenses 585 39 EBIT Debt due for repayment $ 26 Cash 16 Taxable income $ 16 Taxes 13 Depreciation Net income Prepare the balance sheet and income statement by rearranging the above items. (Be sure to list the assets and liabilities in order of their liquidity. Enter all amounts as positive values.)
ECT Problems Saved Help Save & Exit Check Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income statement for Omega Corp. Unfortunately, although the data for the individual items are correct, he is very confused as to whether an item should go in the balance sheet or income statement and whether it is an asset or liability. BALANCE SHEET $ 36 Payables Inventories $51 Less accumulated depreciation 121 Receivables 40 Total current assets Total current liabilities $355 Interest expense $26 Long-term debt Property, plant, and equipment Net fixed assets 525 Total liabilities Shareholders' equity $94 Total liabilities and Total assets shareholders' equity INCOME STATEMENT $710 Net sales Cost of goods sold Selling, general, and administrative expenses 585 39 EBIT Debt due for repayment $ 26 Cash 16 Taxable income $ 16 Taxes 13 Depreciation Net income Prepare the balance sheet and income statement by rearranging the above items. (Be sure to list the assets and liabilities in order of their liquidity. Enter all amounts as positive values.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Need help with balance sheet and income statement by rearranging the above
Transcribed Image Text:Financial -nal sis and -ppli
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ECT Problems i
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Save & Exit
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Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income statement for
Omega Corp. Unfortunately, although the data for the individual items are correct, he is very confused as to whether an item should go
in the balance sheet or income statement and whether it is an asset or liability
BALANCE SHEET
$ 36
$51
Payables
Less accumulated depreciation
Inventories
121
Receivables
40
Total current assets
Total current liabilities
$26
Long-term debt
Property, plant, and equipment
Net fixed assets
$355
Interest expense
525
Total liabilities
Shareholders' equity
$94
Total liabilities and
Total assets
shareholders' equity
INCOME STATEMENT
$710
Net sales
Cost of goods sold
Selling, general, and administrative expenses
ЕBIT
Debt due for repayment
Cash
Taxable income
585
39
$ 26
16
S 16
Taxes
13
Depreciation
Net income
Prepare the balance sheet and income statement by rearranging the above items. (Be sure to list the assets and liabilities in order of
their liquidity. Enter all amounts as positive values.)
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