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

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

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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