Prepare an income statement and a balance sheet from the following scrambled list of items. What is the firm’s net working capital and debt ratio?
Sales …………………………………………….. $550,000
Accumulated depreciation ……………………….. 190,000
Cash ……………………………………………………… ?
Cost of goods sold ……………………………….. 320,000
Accounts receivable ……………………………….. 73,000
Depreciation expense ………………………………. 38,000
Accounts payable ………………………………….. 65,000
Interest expense ……………………………………. 26,000
Short-term notes payable …………………………… 29,000
Income taxes ……………………………………….. 59,850
Inventories …………………………………………. 47,000
Marketing, general, and administrative expenses … 45,000
Gross fixed assets ……………………………….. 648,000
Long-term debt ………………………………….. 360,000
Common stock ………………………………….. 120,000
Other assets ………………………………………. 15,000
Retained earnings ……………………………….. 138,500
In addition, the firm has 10,000 shares outstanding and paid $15,000 in common stock dividends during the year?
Prepare an income statement and a balance sheet from the