LOVIE NIKEY SHOP LOVIE NIKEY SHOP STATEMENT OF FINANCIAL POSITION STATEMENT OF COMPREHENSIVE INCOME AS OF DECEMBER 31, 2016 FOR THE PERIOD OF 2016 2015 2016 2015 2016 CASH 400,000 450,000 NET SALES 5,200,000 6,000,000 ACCOUNTS RECEIVABLE 250,000 280,000 COGS (1,200,000) (1,500,000) TRADING SECURITIES 120,000 30,000 370,000 GROSS PROFIT 4,000,000 4,500,000 INVENTORIES 420,000 PREPAID EXPENSES 20,000 80,000 OPERATING EXPENSES (1,000,000) (500,000) EARNING BEFORE INTEREST AND TAXES TOTAL CURRENT ASSETS 1,160,000 1,260,000 3,000,000 4,000,000 TOTAL NON-CURRENT ASSETS 840,000 1,140,000 TOTAL CURRENT LIABILITIES 400,000 450,000 -INTEREST EXPENSE (500,000) (2,000,000) TOTAL NON-CURRENT LIAB. 1,100,000 1,300,000 NET INCOME BEFORE TAX 2,500,000 2,000,000 TOTAL OWNERS EQUITY 500,000 650,000 -INCOME TAX (750,000) (600,000) TOTAL LIABILITIES AND EQUITY 2,000,000 2,000,000 NET INCOME 1.750.000 1.400.000

LOVIE NIKEY SHOP LOVIE NIKEY SHOP STATEMENT OF FINANCIAL POSITION STATEMENT OF COMPREHENSIVE INCOME AS OF DECEMBER 31, 2016 FOR THE PERIOD OF 2016 2015 2016 2015 2016 CASH 400,000 450,000 NET SALES 5,200,000 6,000,000 ACCOUNTS RECEIVABLE 250,000 280,000 COGS (1,200,000) (1,500,000) TRADING SECURITIES 120,000 30,000 370,000 GROSS PROFIT 4,000,000 4,500,000 INVENTORIES 420,000 PREPAID EXPENSES 20,000 80,000 OPERATING EXPENSES (1,000,000) (500,000) EARNING BEFORE INTEREST AND TAXES TOTAL CURRENT ASSETS 1,160,000 1,260,000 3,000,000 4,000,000 TOTAL NON-CURRENT ASSETS 840,000 1,140,000 TOTAL CURRENT LIABILITIES 400,000 450,000 -INTEREST EXPENSE (500,000) (2,000,000) TOTAL NON-CURRENT LIAB. 1,100,000 1,300,000 NET INCOME BEFORE TAX 2,500,000 2,000,000 TOTAL OWNERS EQUITY 500,000 650,000 -INCOME TAX (750,000) (600,000) TOTAL LIABILITIES AND EQUITY 2,000,000 2,000,000 NET INCOME 1.750.000 1.400.000

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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