3-7. (Working with an income statement and balance sheet) Prepare a balance sheet a income statement for Kronlokken Company from the following scrambled list of and a. Prepare a common-sized income statement and a common-sized balance sheet. Interpret your findings. items. $66,000 225,000 Depreciation expense Cash 334,000 Long-term debt 573,000 Sales 102,000 Accounts payable 79,000 General and administrative expense 895,000 Buildings and equipment 75,000 Notes payable Accounts receivable 153,000 Interest expense 4,750 Accrued expenses 7,900 Common stock 289,000 Cost of goods sold Inventory 297,000 99,300 Taxes 50,500 Accumulated depreciation 263,000 Prepaid expenses Taxes payable 14,500 53,000 Retained earnings 262,900

3-7. (Working with an income statement and balance sheet) Prepare a balance sheet a income statement for Kronlokken Company from the following scrambled list of and a. Prepare a common-sized income statement and a common-sized balance sheet. Interpret your findings. items. $66,000 225,000 Depreciation expense Cash 334,000 Long-term debt 573,000 Sales 102,000 Accounts payable 79,000 General and administrative expense 895,000 Buildings and equipment 75,000 Notes payable Accounts receivable 153,000 Interest expense 4,750 Accrued expenses 7,900 Common stock 289,000 Cost of goods sold Inventory 297,000 99,300 Taxes 50,500 Accumulated depreciation 263,000 Prepaid expenses Taxes payable 14,500 53,000 Retained earnings 262,900

Name: items:sheet. Interpret your findings.$66,000Depreciation expense225,0
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Description: items:sheet. Interpret your findings.$66,000Depreciation expense225,000Cash334,000Long-term debt573,000Sales102,000Accounts payable79,000General and administrative expense895,000Buildings and equipment75,000Notes payableAccounts receivable153,000Int

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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