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from the following information, construct a simple income statement and a balance sheet: Sales $1,000,000 Finished goods 200,000 long-term debt 300,000 raw materials 100,000 cash 50,000 cost of goods sold 600,000 accounts receivable 250,000 plant and equipment 400,000 interest expense 80,000 number of shares outstanding 100,000 earnings before taxes 220,000 taxes 100,000 accounts payable 200,000 other current liablities 50,000 other expenses 100,000 equity 450,000

from the following information, construct a simple income statement and a balance sheet: Sales $1,000,000 Finished goods 200,000 long-term debt 300,000 raw materials 100,000 cash 50,000 cost of goods sold 600,000 accounts receivable 250,000 plant and equipment 400,000 interest expense 80,000 number of shares outstanding 100,000 earnings before taxes 220,000 taxes 100,000 accounts payable 200,000 other current liablities 50,000 other expenses 100,000 equity 450,000

FINANCIAL ACCOUNTING
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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from the following information, construct a simple income statement and a balance sheet: Sales $1,000,000 Finished goods 200,000 long-term debt 300,000 raw materials 100,000 cash 50,000 cost of goods sold 600,000 accounts receivable 250,000 plant and equipment 400,000 interest expense 80,000 number of shares outstanding 100,000 earnings before taxes 220,000 taxes 100,000 accounts payable 200,000 other current liablities 50,000 other expenses 100,000 equity 450,000
Transcribed Image Text:from the following information, construct a simple income statement and a balance sheet: Sales $1,000,000 Finished goods 200,000 long-term debt 300,000 raw materials 100,000 cash 50,000 cost of goods sold 600,000 accounts receivable 250,000 plant and equipment 400,000 interest expense 80,000 number of shares outstanding 100,000 earnings before taxes 220,000 taxes 100,000 accounts payable 200,000 other current liablities 50,000 other expenses 100,000 equity 450,000
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