Missing amounts completing the income statement, accounting homework help
Fill in the missing amounts. Begin by completing the income statement.
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Fox Company
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Income Statement |
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For the Year Ended December 31, 2012 |
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Sales . . . . . . . . . . . . . . . . . . |
$750,000 |
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Cost of goods sold . . . . . . .????? |
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Gross profit on sales . . . . . . |
450,000 |
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Administrative expenses . . |
50,000 |
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Operating income . . . . . . . .?????? |
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Interest expense . . . . . . . . . |
5,000 |
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Income tax expense . . . . . . |
138,250 |
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Net income . . . . . . . . . . . . . |
Now fill in the missing amounts on the balance sheet.
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Fox Company
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Balance Sheet |
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At December 31, 2012 |
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Cash . . . . . . . . . . . . . . . . . .??? |
Accounts payable . . . |
$13,100 |
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Accounts receivable . . . . . . |
14,000 |
Note payable . . . . . . . |
9,600 |
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Inventory . . . . . . . . . . . . . . . |
49,000 |
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Equipment . . . . . . . . . . . . . . |
965,000 |
Contributed capital . . |
550,000 |
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Retained earnings . . .??? |
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Total . . . . . . . . . . . . . . . . . . |
$1,132,000 |
Total . . . . . . . . . . . . . .????? |
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