$185,000 Operating expenses 000'901 Wages Consulting. 79,000 Insurance 000' 11,850 Utilities Rent 1,200 Depreciation. Total operating expenses 00D 14,400 3,250 Income from operations Interest expense. 51,100 Income before income tax Income tax expense 006'27 006 000'2 00D's Net income $ 21,600 KATE'S CARDS Balance Sheet As of August 31, 2019 Assets Current assets Cash... Accounts receivable Inventory. Prepaid insurance. $17,400 000'LL 000' 000'L 45,400 17,500 Total current assets Equipment Accumulated depreciation (3,250) Total assets $59,650 Liabilities Current liabilities Accounts payable. Unearned revenue Cther current liabilities $ 6,200 1,250 ral current liabilities. Nate payable 006 9,350 Tatal liabilities 24,350 Stockholders' equity Common stock Additional paid-in-capital Preferred stock. Retained earnings 009'6 20,300 Total stockholders' equity 35,300 $59,650 Total liabilities and stockholders' equity
$185,000 Operating expenses 000'901 Wages Consulting. 79,000 Insurance 000' 11,850 Utilities Rent 1,200 Depreciation. Total operating expenses 00D 14,400 3,250 Income from operations Interest expense. 51,100 Income before income tax Income tax expense 006'27 006 000'2 00D's Net income $ 21,600 KATE'S CARDS Balance Sheet As of August 31, 2019 Assets Current assets Cash... Accounts receivable Inventory. Prepaid insurance. $17,400 000'LL 000' 000'L 45,400 17,500 Total current assets Equipment Accumulated depreciation (3,250) Total assets $59,650 Liabilities Current liabilities Accounts payable. Unearned revenue Cther current liabilities $ 6,200 1,250 ral current liabilities. Nate payable 006 9,350 Tatal liabilities 24,350 Stockholders' equity Common stock Additional paid-in-capital Preferred stock. Retained earnings 009'6 20,300 Total stockholders' equity 35,300 $59,650 Total liabilities and stockholders' equity
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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