(Solution) IEB Wireframe Page 6 Of 19 8. Financial Statements. Henry Josstick Has Just Started His First Accounting Course And Has Prepared The Following... | Snapessays.com


(Solution) IEB Wireframe Page 6 of 19 8. Financial Statements. Henry Josstick has just started his first accounting course and has prepared the following...


Question 8. in the attached PDF file is concerning me. I can not seem to figure out how to calculate a. Current assets b. Net fixed assets c. Total assets d. Current liabilities e. Total liabilities f. Total liabilities and shareholders' equity g. EBIT h. Taxable income i. Net income. I believe I need to decided if each item is an asset or liability first but I'm not sure. Could you please help with this question?-Bradley8.

 

Financial Statements.

 

Henry Josstick has just started his first accounting course

 

and has prepared the following balance sheet and income statement for Omega

 

Corp. Unfortunately, although the data for the individual items are correct, he is

 

very confused as to whether an item should go in the balance sheet or income

 

statement and whether it is an asset or liability. Help him by rearranging the items

 

and filling in the blanks. (

 

LO3-1

 

)

 

BALANCE SHEET

 

Payables

 

35Inventories

 

50

 

Less accumulated

 

depreciation

 

120Receivables

 

35

 

Total current assets

 

——Total current liabilities

 

——

 

Long-term debt

 

350Interest expense

 

25

 

Property, plant, and

 

equipment

 

520Total liabilities

 

——

 

Net fixed assets

 

——Shareholders' equity

 

90

 

Total assets

 

——Total liabilities and

 

shareholders' equity

 

——

 

INCOME STATEMENT

 

Net sales

 

700

 

Cost of goods sold

 

580

 

Selling, general, and administrative expenses

 

38

 

EBIT

 

——

 

Debt due for repayment

 

25

 

Page 6 of 19

 

IEB Wireframe

 

7/16/2016

 

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