Reference no: EM132490077
Several accounts and amounts from the financial statements of Fig Computers Co. (FCC) appear below for the year ending December 31, 2015.
Cash $ 10,000 Sales Revenue $140,000
Cost of goods sold 60,000 Inventory 21,000
Taxes Payable 31,000 Selling & Adm Expense 7,000
Accounts Receivable 32,000 Dividends declared & paid 42,000
Equipment 150,000 Accounts Payable 9,000
Utilities expenses 3,000 Retained Earnings, Jan. 1, 15 40,000
Allowance for bad debt 4,000 Income Tax Expense 2,000
Prepaid Insurance expenses 2,000 Unearned revenues 3,500
Bad Debt Expense 1,500 Accumulated Depreciation 12,000
Required: Answer the following questions about Fig Computers Co.
Question 1: Calculate net income for FCC for the year ended Dec. 31, 2015. Determine the retained earnings at the end of 2015
Question 2: Determine the total current assets as of Dec. 31, 2015.
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