This problem tests your understanding of the articulation between statements. Fill in the missing blanks. Balance Sheet for Fit Company as of 12/31/19 Income Statement for Fit Company for Period Ending 12/31/20 Balance Sheet for Fit Company as of 12/31/20 Cash 500 Sales 900 Cash Accounts Receivable 20 Cost of Goods Sold 350 Accounts Receivable 50 PPE, net 1200 Gross Profit 550 PPE, net 1400 Total Assets 1720 Salaries Expense 200 Total Assets R&D Expense 150 Accounts Payable 80 Operating Profit 200 Accounts Payable 90 Loans Payable 200 Interest Expense 20 Loans Payable 250 Common Stock 900 Income before Tax 180 Common Stock 900 Retained Earnings 540 Tax Expense 36 Retained Earnings Total Liab and Stockholders' Equity 1720 Net Income 144 Total Liab and Stockholders' Equity Cash Flow Statement for Period Ending Decebmer 31, 2020 Statement of Retained Earnings 12/31/20 Net Income 144 Beginning Retained Earnings Non Cash Expenses and Acc Adj 80 Net Income Cash Flow from Ops 224 Dividends 30 Cash Flow from Invest -300 Ending Retained Earnings Cash Flow from Fin 20 Change in Cash -56 Beg Cash End Cash

Name: This problem tests your understanding of the articulation between stat
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Description: This problem tests your understanding of the articulation between statements. Fill in the missing blanks. Balance Sheet for Fit Company as of 12/31/19 Income Statement for Fit Company for Period Ending 12/31/20 Balance Sheet for Fit Company as of

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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This problem tests your understanding of the articulation between statements. Fill in the missing blanks.
Balance Sheet for Fit Company as of 12/31/19		Income Statement for Fit Company for Period Ending 12/31/20		Balance Sheet for Fit Company as of 12/31/20
Cash	500		Sales	900		Cash
Accounts Receivable	20		Cost of Goods Sold	350		Accounts Receivable	50
PPE, net	1200		Gross Profit	550		PPE, net	1400
Total Assets	1720		Salaries Expense	200		Total Assets
			R&D Expense	150
Accounts Payable	80		Operating Profit	200		Accounts Payable	90
Loans Payable	200		Interest Expense	20		Loans Payable	250
Common Stock	900		Income before Tax	180		Common Stock	900
Retained Earnings	540		Tax Expense	36		Retained Earnings
Total Liab and Stockholders' Equity	1720		Net Income	144		Total Liab and Stockholders' Equity

			Cash Flow Statement for Period Ending Decebmer 31, 2020		Statement of Retained Earnings 12/31/20
			Net Income	144		Beginning Retained Earnings
			Non Cash Expenses and Acc Adj	80		Net Income
			Cash Flow from Ops	224		Dividends	30
			Cash Flow from Invest	-300		Ending Retained Earnings
			Cash Flow from Fin	20
			Change in Cash	-56
			Beg Cash
			End Cash

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