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Financial statement construction via ratios. Incomplete financial statements of Lock Box, Inc., are presented below.
LOCK BOX, INC.
Income Statement
For the Year Ended December 31, 19X3
Sales
$ ?
Cost of goods sold
?
Gross profit
$15,000,000
Operating expenses & interest
Income before tax
Income taxes, 40%
Net income
Balance Sheet
December 31, 19X3
Assets
Cash
Accounts receivable
Inventory
Property, plant, &. equipment
Total assets
8,000,000
$24,000,000
Liabilities & Stockholders' Equity
Accounts payable
Notes payable (short-term)
Bonds payable
Common stock
Retained earnings
Total liabilities & stockholders' equity
600,000 4,600,000
2,000,000
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