Missing amounts completing the income statement, accounting homework help
Missing amounts completing the income statement, accounting homework help
Fill in the missing amounts. Begin by completing the income statement.
Fox Company
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Income Statement |
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For the Year Ended December 31, 2012 |
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Sales . . . . . . . . . . . . . . . . . . |
$750,000 |
Cost of goods sold . . . . . . .????? |
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Gross profit on sales . . . . . . |
450,000 |
Administrative expenses . . |
50,000 |
Operating income . . . . . . . .?????? |
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Interest expense . . . . . . . . . |
5,000 |
Income tax expense . . . . . . |
138,250 |
Net income . . . . . . . . . . . . . |
Now fill in the missing amounts on the balance sheet.
Fox Company
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Balance Sheet |
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At December 31, 2012 |
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Cash . . . . . . . . . . . . . . . . . .??? |
Accounts payable . . . |
$13,100 |
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Accounts receivable . . . . . . |
14,000 |
Note payable . . . . . . . |
9,600 |
Inventory . . . . . . . . . . . . . . . |
49,000 |
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Equipment . . . . . . . . . . . . . . |
965,000 |
Contributed capital . . |
550,000 |
Retained earnings . . .??? |
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Total . . . . . . . . . . . . . . . . . . |
$1,132,000 |
Total . . . . . . . . . . . . . .????? |