JKL Company COMPARATIVE BALANCE SHEET For the Year 2015 & 2016 Assets 2015 2016 Cash 290,000 120,000 400,000 100,000 20,000 80,000 20.000 520,000 620,000 Accounts Receivable Trading Securities 40,000 Inventories 60,000 Prepaid Expenses Total Current Assets 10,000 Total Non-Current Assets 200,000 300,000 Total Assets 720,000 920,000 Liabilities Total Current Liabilities 100,000 50,000 Total Non-Current Liabilities 300,000 450,000 Owner's Equity Total Owner's Equity 320,000 420,000 Total Liabilities & OE 720,000 920,000 JKL Company COMPARATIVE INCÓME STATEMENT For the Year 2015 & 2016: 2015 2016 Net Sales 700,000 900,000 Cost of Goods Sold (100,000) (80,000) Gross Profit 600,000 820,000 Operating Expenses (50,000) (120,000) Earnings Before Interest 550,000 and Taxes 700,000 - Interest Expense [10,000 150.000) NI before Tax 540,000 650,000 Income Tax [162,000) (195,000) Net Income 378,000 455,000

JKL Company COMPARATIVE BALANCE SHEET For the Year 2015 & 2016 Assets 2015 2016 Cash 290,000 120,000 400,000 100,000 20,000 80,000 20.000 520,000 620,000 Accounts Receivable Trading Securities 40,000 Inventories 60,000 Prepaid Expenses Total Current Assets 10,000 Total Non-Current Assets 200,000 300,000 Total Assets 720,000 920,000 Liabilities Total Current Liabilities 100,000 50,000 Total Non-Current Liabilities 300,000 450,000 Owner's Equity Total Owner's Equity 320,000 420,000 Total Liabilities & OE 720,000 920,000 JKL Company COMPARATIVE INCÓME STATEMENT For the Year 2015 & 2016: 2015 2016 Net Sales 700,000 900,000 Cost of Goods Sold (100,000) (80,000) Gross Profit 600,000 820,000 Operating Expenses (50,000) (120,000) Earnings Before Interest 550,000 and Taxes 700,000 - Interest Expense [10,000 150.000) NI before Tax 540,000 650,000 Income Tax [162,000) (195,000) Net Income 378,000 455,000

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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