Income Statement for the Maitz Company for 2018 Sales Cast of goods sold Gross profits Operating expenses: Depreciation Administrative expenses Selling expenses Total operating expenses Operating profits Interest expense Profits before taxes Taxes Net profits Current assets: Cash Accounts receivable Inventory Total current assets Fixed assets: Balance Sheets for the Maitz Company for 2017 and 2018 Assets 2017 Grossfixed assets Accumulated depreciation Net fixed assets Other assets TOTAL ASSETS Debt (Liabilities and Equity Current debt: $ 5,000 20,000 26,000 Accounts payable Accruals Short-term notes Total current debt Long-term debt Total debt Equity TOTAL DEBT AND EQUITY $ 8,000 15,000 22,000 $ 45,000 $ 50,000 (15,000) $ 35,000 12,000 $ 92,000 $ 175,000 (105,000) $ 70,000 $ 10,000 7,000 5,000 $ 22,000 15,000 $ 37,000 $ (51,000 $ 19,000 (3,000) $ 16,000 (8,000) 8,000 $ 2018 $ 10,000 20,000 25,000 $ 55,000 $ 55,000 (20,000) $ 35,000 10,000 $100,000 $ 12,000 8,000 5,000 $ 25,000 15,000 $ 40,000 $ 60,000 $100,000

Income Statement for the Maitz Company for 2018 Sales Cast of goods sold Gross profits Operating expenses: Depreciation Administrative expenses Selling expenses Total operating expenses Operating profits Interest expense Profits before taxes Taxes Net profits Current assets: Cash Accounts receivable Inventory Total current assets Fixed assets: Balance Sheets for the Maitz Company for 2017 and 2018 Assets 2017 Grossfixed assets Accumulated depreciation Net fixed assets Other assets TOTAL ASSETS Debt (Liabilities and Equity Current debt: $ 5,000 20,000 26,000 Accounts payable Accruals Short-term notes Total current debt Long-term debt Total debt Equity TOTAL DEBT AND EQUITY $ 8,000 15,000 22,000 $ 45,000 $ 50,000 (15,000) $ 35,000 12,000 $ 92,000 $ 175,000 (105,000) $ 70,000 $ 10,000 7,000 5,000 $ 22,000 15,000 $ 37,000 $ (51,000 $ 19,000 (3,000) $ 16,000 (8,000) 8,000 $ 2018 $ 10,000 20,000 25,000 $ 55,000 $ 55,000 (20,000) $ 35,000 10,000 $100,000 $ 12,000 8,000 5,000 $ 25,000 15,000 $ 40,000 $ 60,000 $100,000

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 3E

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