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chapter 3 hw.docx - Construct a balance sheet for Sophie's...

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Construct a balance sheet for Sophie's Sofas given the following data, including shareholders' equity.Cash balances=$9,500Inventory ofsofas=$195,000Store andproperty=$ 95,000Accountsreceivable=$ 21,500Accounts payable =$ 16,500Long-term debt=$165,000Answer is complete and correct.BALANCE SHEET OF SOPHIE'S SOFASAssetsLiabilities & Shareholders' EquityCashselected answer correct$9,500selected answercorrectAccounts payableselectedanswer correct$16,500selected answercorrectAccounts receivableselectedanswer correct21,500selected answercorrectLong-term debtselected answercorrect165,000selected answercorrectInventoryselected answercorrect195,000selected answercorrectShareholders' equityselectedanswer correct139,500selected answercorrectStore and propertyselectedanswer correct95,000selected answercorrectnot attemptednot attemptednot attemptednot attemptednot attemptednot attemptedTotal assets$321,000Total liabilities & shareholders'equity$321,000
A firm’s income statement included the following data. The firm’s average tax rate was 25%.Cost of goods sold$9,500Income taxes paid$3,500Administrativeexpenses$4,500Interest expense$2,500Depreciation$2,500a.What was the firm’s net income?b.What must have been the firm's revenues?c.What was EBIT?Explanation

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Term
Fall
Professor
Smith
Tags
Balance Sheet, Generally Accepted Accounting Principles

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