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
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
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter3: The Basics Of Record Keeping And Financial Statement Preparation: Income Statement
Section: Chapter Questions
Problem 36P
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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 | ||
540 | Tax Expense | 36 | Retained Earnings | ||||
Total Liab and |
1720 | Net Income | 144 | Total Liab and Stockholders' Equity | |||
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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