Posted: September 19th, 2022
please complete both attachments
Managers within the firm, as well as the firm’s owners and lenders, keep track of the firm’s performance by reviewing its financial statements – income statement, balance sheet, and statement of cash flows.
· What is the purpose of the income statement? Identify the major types of expenses that are shown on the typical income statement.
· What is the purpose of the balance sheet? Identify the major types of assets and the claims of creditors and owners shown on the typical balance sheet.
· What are the three different accounts that comprise the owners’ equity (also known as stockholders’ equity) section on a typical corporate balance sheet?
· What is a statement of cash flows? Describe the three standard sections contained in a statement of cash flows.
PART 2: Complete both the balance sheet and income statement exercises in the attached Excel file and submit as a file. Note: the file is auto submitted to Turnitin and will result in high score. Please disregard the score.
|You learned about Balance Sheets this week. Fill in the missing items below.|
|Enter the answers in blue shaded cells|
|Accounts receivable||100,000||Notes payable||50,000|
|Inventory||Total current liabilities|
|Total current assets||$220,000||Long-term debt|
|Gross PP&E||500,000||Total Liabilities||$190,000|
|Less accumulated depreciation|
|Total Assets||Common stock ($1 par; 100,000 shares)|
|Total stockholders’ equity|
|Total Liabilities and Equity|
|You learned about Income Statements this week. Fill in the missing items below.|
|Sales & Mkting expense|
|Income before taxes|
|Income taxes (30%)|
|1: Calculate Sales|
|2. Calculate Income before taxes. Taxes are 30%, so you know the Net Income (Y) is a percent of “Income before taxes” (X)|
|3. Calculate the Income taxes figure|
|4. Calculate Operating Income|
|5. Calculate Sales & Mkting Exp|
Place an order in 3 easy steps. Takes less than 5 mins.