Revenue Cost of sales Gross margins Operating expenses: Research & Development Selling, general & administrative Total operating expenses Operating income Income taxes Net income $ ASSETS: Current assets: Cash and cash equivalents Accounts receivable Inventories Total current assets Non-current assets Total assets LIABILITIES AND SHAREHOLDER'S EQUITY: Current liabilities: Account pavable Notes payable Total current liabilities Non-current liabilities Total Liabilities Shareholders' equity: Common stock (20,000 common shares outstanding) Retained earning Total shareholders' equity Total Liabilities and Shareholders' Equity Total number common shares outstanding 31-Dec-22 $295,110 188,432 106,678 22.035 26.321 48.356 58,322 12,831 $45.491 31-Dec-22 $88.252 43.290 10.920 142,462 175.697 $318,159 $64.352 33.482 97,834 99,728 197.562 38,035 82,562 120.597 $318,159 20,000

Revenue Cost of sales Gross margins Operating expenses: Research & Development Selling, general & administrative Total operating expenses Operating income Income taxes Net income $ ASSETS: Current assets: Cash and cash equivalents Accounts receivable Inventories Total current assets Non-current assets Total assets LIABILITIES AND SHAREHOLDER'S EQUITY: Current liabilities: Account pavable Notes payable Total current liabilities Non-current liabilities Total Liabilities Shareholders' equity: Common stock (20,000 common shares outstanding) Retained earning Total shareholders' equity Total Liabilities and Shareholders' Equity Total number common shares outstanding 31-Dec-22 $295,110 188,432 106,678 22.035 26.321 48.356 58,322 12,831 $45.491 31-Dec-22 $88.252 43.290 10.920 142,462 175.697 $318,159 $64.352 33.482 97,834 99,728 197.562 38,035 82,562 120.597 $318,159 20,000

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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Part 1 is incorrect. Could you try the problem again?
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The attached image is the problem. Thank you!
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