Question 1: Use your knowledge of balance sheets to fill in the missing amounts:
Assets
Cash $10,000
Accounts receivable $100,000
Inventory $
Total current assets $220,000
Gross plant and equipment $500,000
Less: accumulated depreciation $
Net plant and equipment $375,000
Total assets $
Question 2: Use your knowledge of income statements to fill in the missing items:
Sales
Cost of goods sold $575,000
Gross profit $1,600,000
General and administrative expense $200,000
Selling and marketing expense $
Depreciation $50,000
Operating income $
Interest $100,000
Income before taxes $
Income taxes (30%) $
Net Income $700,000