Question: Jessica has finished the accounts for the fiscal period. Income Statement: Revenue : $44000, Expenses: $17000, Profit (before tax) $27000, tax(rate=30%) = $8100, profit(after tax) = $18900. Balance Sheet: Cash: $7000, other current assets = $21000, long term assets = $62000, current liabilities = $36000, long term liabilities = $15100, capital = $10000, retained earrings= $28900. However, one of the sales people have just found an invoice for goods that have now been delivered and invoice, but that has not been included in the accounts. The customer had already given a deposit of $70, but they still need to pay $170. The raw materials used for making these particular goods cost $60. Now find the new income statement and balance sheet
Question: Jessica has finished the accounts for the fiscal period. Income Statement: Revenue : $44000, Expenses: $17000, Profit (before tax) $27000, tax(rate=30%) = $8100, profit(after tax) = $18900. Balance Sheet: Cash: $7000, other current assets = $21000, long term assets = $62000, current liabilities = $36000, long term liabilities = $15100, capital = $10000, retained earrings= $28900. However, one of the sales people have just found an invoice for goods that have now been delivered and invoice, but that has not been included in the accounts. The customer had already given a deposit of $70, but they still need to pay $170. The raw materials used for making these particular goods cost $60. Now find the new income statement and balance sheet
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Jessica has finished the accounts for the fiscal period. Income Statement: Revenue : $44000, Expenses: $17000, Profit (before
tax) $27000, tax(rate=30%) = $8100, profit(after tax) = $18900. Balance Sheet: Cash: $7000, other current assets = $21000,
long term assets = $62000, current liabilities = $36000, long term liabilities = $15100, capital = $10000, retained earrings=
$28900. However, one of the sales people have just found an invoice for goods that have now been delivered and invoice, but
that has not been included in the accounts. The customer had already given a deposit of $70, but they still need to pay $170. The
raw materials used for making these particular goods cost $60. Now find the new income statement and balance sheet
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