PART I- FMT Company had the following balance sheets and income statements accounts over the lastthree years (in thousands).201820192020Receivables1,9632,8704,051Payables1,8622,9443,613Long-term debt5001,000950Sales11,86314,95216,349Inventories2,0312,6133,287Bank loan2509001,050Accruals301516587Cash561387202Net fixed assets2,5814,3642,7934,430Selling, general, and administrative expenses2,2762,471Shareholder's equity4,2234,9405,704Interest73188200Cost of goods sold8,53711,12412,016Таxes390452576Total assetsCurrent assetsCurrent liabilities?Total liabilities and shareholder's equity??Gross Profit?Profit before taxes??Net IncomeRequirements:1. Separate and arrange the accounts and prepare the 3 year Balance sheet and Income Statementusing the format given in the lecture slides.

Income statement refers to a statement which shows the revenue and expense of the company of a…

Answered: Requirements: 1. Separate and arrange…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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