Week3Ch4Hwproblems

# Week3Ch4Hwproblems - 4-22Page Increase(decrease...

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Unformatted text preview: 4-22Page 104/22/11Increase/(decrease) AssetsCash\$38,500.00Accounts Receivable\$57,000.00Inventory-\$32,000.00Buildings & Equipment (net)\$160,000.00Patents-\$4,000.00Change in Assets – Change Total Asset Changes\$219,500.00\$\$219,500 - \$108,000 = \$111LiabilitiesNet Income = \$111,500Accounts Payable-\$45,000.00Bonds Payable\$135,000.00Dividends\$18,000.00Total Liabilities Changes\$108,000.00Owner's EquityCapital Stock\$25,000.00Additional Paid in Capital\$35,000.00Total Equity Changes\$60,000.004-22Page 2in Liabilities= Net Income1,5004-28Page 304-28Enter the appropriate amounts/formulas in the blue-shaded cells. The word “Wrong” will appear to the left of incorrect entries. SUPPORTING COMPUTATIONCost of goods sold as a percentage of sales:If general expenses = 15% of sales and 25% of cost of goods sold then:15% of sales =25% of cost of goodCost of goods sold=15%Cost of goods sold=60%Income before income taxes as a % of sales:SalesCost of goods sold (percentage from above)Gross profit on sales...
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Week3Ch4Hwproblems - 4-22Page Increase(decrease...

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