Here is the complete worksheet I am working on for my homework. The blank spots I had to fill in are: Income statement: sales and costs of goods sold for 2018 Balance sheet was cash and net fixed assets for 2018 Cash flow statements were: depreciation, accounts receivable and accts payable Can you let me know if the information I have provided looks correct? I just want to make sure I am on the right track. Thank you! Income Statement For the year: 2016 2017 2018 Sales $ 120,000 $ 150,000 $ 180,000 Cost of Goods Sold $ 100,000 $ 120,000 Gross Profit $ 60,000 General, Selling, & Administrative Expense $ 50,000 Depreciation $ 8,500 Net Income $ 1,500 Balance Sheet For the year ending: 2017 2018 Assets Cash $ 18,250 $ 16,250 Accounts Receivable $ 16,500 $ 22,500 Net Fixed Assets $ 150,000 $ 141,500 Total Assets $ 180,250 Liabilities Accounts Payable $ 34,000 $ 28,000 Long-Term Debt $ 55,000 Total Liabilities $ 83,000 Equity $ 97,250 Cash Flow Statement For the year: 2018 Cash Flows from Operating Activities Net Income $ 1,500 Depreciation Determine whether these should be added or subtracted here, thus making the number either positive or negative. $ 8,500 Changes in Assets and Liabilities Accounts Receivable $ (6,000) Accounts Payable $ (6,000) Cash Flows from Investing & Financing Activities (None for 2018) N/A Net Cash Flow $ (2,000) Ratios Return on Equity 1.5% Current Ratio

Here is the complete worksheet I am working on for my homework. The blank spots I had to fill in are: Income statement: sales and costs of goods sold for 2018 Balance sheet was cash and net fixed assets for 2018 Cash flow statements were: depreciation, accounts receivable and accts payable Can you let me know if the information I have provided looks correct? I just want to make sure I am on the right track. Thank you! Income Statement For the year: 2016 2017 2018 Sales $ 120,000 $ 150,000 $ 180,000 Cost of Goods Sold $ 100,000 $ 120,000 Gross Profit $ 60,000 General, Selling, & Administrative Expense $ 50,000 Depreciation $ 8,500 Net Income $ 1,500 Balance Sheet For the year ending: 2017 2018 Assets Cash $ 18,250 $ 16,250 Accounts Receivable $ 16,500 $ 22,500 Net Fixed Assets $ 150,000 $ 141,500 Total Assets $ 180,250 Liabilities Accounts Payable $ 34,000 $ 28,000 Long-Term Debt $ 55,000 Total Liabilities $ 83,000 Equity $ 97,250 Cash Flow Statement For the year: 2018 Cash Flows from Operating Activities Net Income $ 1,500 Depreciation Determine whether these should be added or subtracted here, thus making the number either positive or negative. $ 8,500 Changes in Assets and Liabilities Accounts Receivable $ (6,000) Accounts Payable $ (6,000) Cash Flows from Investing & Financing Activities (None for 2018) N/A Net Cash Flow $ (2,000) Ratios Return on Equity 1.5% Current Ratio

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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Here is the complete worksheet I am working on for my homework. The blank spots I had to fill in are:

Income statement: sales and costs of goods sold for 2018

Balance sheet was cash and net fixed assets for 2018

Cash flow statements were: depreciation, accounts receivable and accts payable

Can you let me know if the information I have provided looks correct? I just want to make sure I am on the right track. Thank you!

Income Statement
For the year:	2016	2017	2018
Sales	$ 120,000	$ 150,000	$ 180,000
Cost of Goods Sold		$ 100,000	$ 120,000
Gross Profit			$ 60,000
General, Selling, & Administrative Expense			$ 50,000
Depreciation			$ 8,500
Net Income			$ 1,500
Balance Sheet
For the year ending:		2017	2018
Assets
Cash		$ 18,250	$ 16,250
Accounts Receivable		$ 16,500	$ 22,500
Net Fixed Assets		$ 150,000	$ 141,500
Total Assets			$ 180,250
Liabilities
Accounts Payable		$ 34,000	$ 28,000
Long-Term Debt			$ 55,000
Total Liabilities			$ 83,000
Equity			$ 97,250
Cash Flow Statement
For the year:			2018
Cash Flows from Operating Activities
Net Income			$ 1,500
Depreciation	Determine whether these should be added or subtracted here, thus making the number either positive or negative.	$ 8,500
Changes in Assets and Liabilities
Accounts Receivable	$ (6,000)
Accounts Payable	$ (6,000)
Cash Flows from Investing & Financing Activities (None for 2018)		N/A
Net Cash Flow			$ (2,000)
Ratios
Return on Equity			1.5%
Current Ratio

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