Income Statement for the Maitz Company for 2018 Sales Cast of goods sold Gross profits Operating expenses: Depreciation Administrative expenses Selling expenses Total operating expenses Operating profits Interest expense Profits before taxes Taxes Net profits Current assets: Cash Accounts receivable Inventory Total current assets Fixed assets: Balance Sheets for the Maitz Company for 2017 and 2018 Assets 2017 Grossfixed assets Accumulated depreciation Net fixed assets Other assets TOTAL ASSETS Debt (Liabilities and Equity Current debt: $ 5,000 20,000 26,000 Accounts payable Accruals Short-term notes Total current debt Long-term debt Total debt Equity TOTAL DEBT AND EQUITY $ 8,000 15,000 22,000 $ 45,000 $ 50,000 (15,000) $ 35,000 12,000 $ 92,000 $ 175,000 (105,000) $ 70,000 $ 10,000 7,000 5,000 $ 22,000 15,000 $ 37,000 $ (51,000 $ 19,000 (3,000) $ 16,000 (8,000) 8,000 $ 2018 $ 10,000 20,000 25,000 $ 55,000 $ 55,000 (20,000) $ 35,000 10,000 $100,000 $ 12,000 8,000 5,000 $ 25,000 15,000 $ 40,000 $ 60,000 $100,000
Income Statement for the Maitz Company for 2018 Sales Cast of goods sold Gross profits Operating expenses: Depreciation Administrative expenses Selling expenses Total operating expenses Operating profits Interest expense Profits before taxes Taxes Net profits Current assets: Cash Accounts receivable Inventory Total current assets Fixed assets: Balance Sheets for the Maitz Company for 2017 and 2018 Assets 2017 Grossfixed assets Accumulated depreciation Net fixed assets Other assets TOTAL ASSETS Debt (Liabilities and Equity Current debt: $ 5,000 20,000 26,000 Accounts payable Accruals Short-term notes Total current debt Long-term debt Total debt Equity TOTAL DEBT AND EQUITY $ 8,000 15,000 22,000 $ 45,000 $ 50,000 (15,000) $ 35,000 12,000 $ 92,000 $ 175,000 (105,000) $ 70,000 $ 10,000 7,000 5,000 $ 22,000 15,000 $ 37,000 $ (51,000 $ 19,000 (3,000) $ 16,000 (8,000) 8,000 $ 2018 $ 10,000 20,000 25,000 $ 55,000 $ 55,000 (20,000) $ 35,000 10,000 $100,000 $ 12,000 8,000 5,000 $ 25,000 15,000 $ 40,000 $ 60,000 $100,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
How do I describe the cash flow pattern
Transcribed Image Text:Income Statement for the Maitz Company for 2018
Sales
Cost of goods sold
Gross profits
Operating expenses:
Depreciation
Administrative expenses
Selling expenses
Total operating expenses
Operating profits
Interest expense
Profits before taxes
Taxes
Net profits
Accounts receivable
Inventory
Total current assets
Fixed assets:
Grossfixed assets
Accumulated depreciation
Net fixed assets
Other assets
TOTAL ASSETS
Debt (Liabilities and Equity
Current debt:
$ 5,000
20,000
26,000
Balance Sheets for the Maitz Company for 2017 and 2018
Assets
Current assets:
Cash
Accounts payable
Accruals
Short-term notes
Tatal current debt
Long-term debt
Tatel debt
Equity
TOTAL CEPT AND EQUITY
$ 8,000
15,000
22,000
$ 45,000
$ 50,000
(15,000)
$ 35,000
$ 92,000
$ 175,000
(105,000
$ 70,000
$ 10,000
7,000
5,000
$ 22,000
15,000
$ 37,000
$ (51,000)
$ 19,000
(3,000)
$ 16,000
(8,000)
$ 8,000
2018
$ 10,000
20,000
25,000
$ 55,000
$ 55,000
(20,000)
$ 35,000
$100,000
$ 12,000
5,000
$ 25,000
15,000
$ 40,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education