Reference no: EM132772602
Problem 1: From the following information, construct an income statement and balance sheet.
Sales $1,000,000
Accounts payable 200,000
Accounts receivable 250,000
Accruals 50,000
Cash 50,000
Common stock par value 325,000
cost of goods sold 600,000
earnings before income taxes 220,000
income taxes 100,000
interest expense 80,000
inventory 300,000
long-term debt 300,000
number of shares outstanding 100,000
operating expense 100,000
plant and equipment 400,000
Retained earnings 125,000
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