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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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.

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