Homework Help is Here – Start Your Trial Now!
Business
Accounting
Requirements: 1. Separate and arrange the accounts and prepare the 3 year Balance sheet and Income Statement using the format given in the lecture slides.

Requirements: 1. Separate and arrange the accounts and prepare the 3 year Balance sheet and Income Statement using the format given in the lecture slides.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
PART I- FMT Company had the following balance sheets and income statements accounts over the last three years (in thousands). 2018 2019 2020 Receivables 1,963 2,870 4,051 Payables 1,862 2,944 3,613 Long-term debt 500 1,000 950 Sales 11,863 14,952 16,349 Inventories 2,031 2,613 3,287 Bank loan 250 900 1,050 Accruals 301 516 587 Cash 561 387 202 Net fixed assets 2,581 4,364 2,793 4,430 Selling, general, and administrative expenses 2,276 2,471 Shareholder's equity 4,223 4,940 5,704 Interest 73 188 200 Cost of goods sold 8,537 11,124 12,016 Таxes 390 452 576 Total assets Current assets Current liabilities ? Total liabilities and shareholder's equity ? ? Gross Profit ? Profit before taxes ? ? Net Income Requirements: 1. Separate and arrange the accounts and prepare the 3 year Balance sheet and Income Statement using the format given in the lecture slides.
Transcribed Image Text:PART I- FMT Company had the following balance sheets and income statements accounts over the last three years (in thousands). 2018 2019 2020 Receivables 1,963 2,870 4,051 Payables 1,862 2,944 3,613 Long-term debt 500 1,000 950 Sales 11,863 14,952 16,349 Inventories 2,031 2,613 3,287 Bank loan 250 900 1,050 Accruals 301 516 587 Cash 561 387 202 Net fixed assets 2,581 4,364 2,793 4,430 Selling, general, and administrative expenses 2,276 2,471 Shareholder's equity 4,223 4,940 5,704 Interest 73 188 200 Cost of goods sold 8,537 11,124 12,016 Таxes 390 452 576 Total assets Current assets Current liabilities ? Total liabilities and shareholder's equity ? ? Gross Profit ? Profit before taxes ? ? Net Income Requirements: 1. Separate and arrange the accounts and prepare the 3 year Balance sheet and Income Statement using the format given in the lecture slides.
Expert Solution
steps

Step by step

Solved in 2 steps with 6 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Personal Financial Statements
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.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS