CH1-2 EXAMPLE PROBLEM

CH1-2 EXAMPLE PROBLEM - FACTS Cash Prepaid expenses...

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FACTS: Cash 70,000 Prepaid expenses 50,000 Inventory 200,000 Fixed assets 1,000,000 Accounts payable 125,000 Long-term debt 750,000 Common stock 15,000 Retained Earnings 240,000 Sales (all on credit) 2,500,000 Cost of goods sold 2,125,000 Selling & administrative expense 170,000 Interest expense 15,000 MAKE A CLASSIFIED BALANCE SHEET AND MULTIPLE-STEP INCOME STATEMENT
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SOLUTION XYZ, INC. BALANCE SHEET AS OF 12/31/04 ASSETS Cash 70,000 Prepaid expenses 50,000 Inventory 200,000 Current assets 320,000 Fixed assets 1,000,000 Total Assets 1,320,000 LIABILITIES & STOCKHOLDERS EQUITY
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