Question: Use the Amalgamated Hat Rack financial statements, as detailed in Chapter 1 of the text, to answer the following questions:
1. How much is the Net Income for 2002?
2. List the two types of sales that the company engages in.
3. How much is the Cost of Goods Sold for 2002?
4. What is the Gross Profit for 2002?
5. How do you calculate Gross Profit?
6. How much did the company pay in Interest Expense for 2002?
7. What is the time frame for a Balance Sheet?
8. How much are the Current Assets for 2002?
9. What is a current asset?
10. How much is Owner's Equity for 2002?
11. What is the accounting equation for 2002?
12. What are the three sections of the Statement of Cash Flows?
13. How much is the Cash Flow from Operations for 2002?
14. What was the primary investing activity on the Statement of Cash Flow for 2002?
15. What was the primary financing activity on the Statement of Cash Flow for 2002?