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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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![from the following information,
construct a simple income statement
and a balance sheet:
Sales $1,000,000
Finished goods 200,000
long-term debt 300,000
raw materials 100,000
cash 50,000
cost of goods sold 600,000
accounts receivable 250,000
plant and equipment 400,000
interest expense 80,000
number of shares outstanding 100,000
earnings before taxes 220,000
taxes 100,000
accounts payable 200,000
other current liablities 50,000
other expenses 100,000
equity 450,000](https://content.bartleby.com/qna-images/question/9e351e92-a408-49ac-9254-85911f5cb541/08aff224-abf5-49e5-9664-6029d0bef83b/8aoglwd_thumbnail.jpeg)
Transcribed Image Text:from the following information,
construct a simple income statement
and a balance sheet:
Sales $1,000,000
Finished goods 200,000
long-term debt 300,000
raw materials 100,000
cash 50,000
cost of goods sold 600,000
accounts receivable 250,000
plant and equipment 400,000
interest expense 80,000
number of shares outstanding 100,000
earnings before taxes 220,000
taxes 100,000
accounts payable 200,000
other current liablities 50,000
other expenses 100,000
equity 450,000
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