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(solution) Question: 3.2 (Preparing an income statement) Prepare an income
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3.2 (Preparing an income statement) Prepare an income statement and a common-sized income statement from the following information
| Sale | 525,000 |
| Cost of Good sold | 200,00 |
| General and administrative expense | 62,000 |
| Depreciation expense | 8,000 |
| Interest expense | 12,000 |
| Income taxes | 97,000 |
3.4 (Working with income statement and balance sheet) Prepare a balance sheet and a common-sized balance sheet from the following information?
| Cash | 30,000 |
| Account receivable | 63,800 |
| Account payable | 52,500 |
| Short-term not payable | 11,000 |
| Inventories | 66,000 |
| Gross fix assets | 1,061,000 |
| Accumulated depreciation | 86,000 |
| Long-term debt | 210,000 |
| Common stock | 480,00 |
| Other stock | 25,000 |
Retaining earning?
3.7 ( (Working with income statement and balance sheet) Prepare an income statement and 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 good sole | 320,000 |
| Account receivable | 73,000 |
| Depreciation expense | 38,000 |
| Account payable | 65,000 |
| Interest expense | 26,000 |
| Short-term note payable | 29,000 |
| Income statement | 59,850 |
| Inventories | 47,000 |
| Marketing, general expenses | 45,000 |
| Gross fixed assets | 648,000 |
| Long term debt | 360,000 |
| Common Stock | 120,000 |
| Other Stock | 15,000 |
Retain Earning 262,900
3.9 (Working with statement of cash flow) Interpret the following information regarding Westlake Corporation cash flows.
| Net income | $680 |
| Depreciation expense | 125 |
| Profit before depreciation | 805 |
| Increase in account receivable | (200) |
| Increase in inventories | (240) |
| Increase in account payable | 120 |
| Increase in accrued expenses | 81 |
| Cash flow operation | $566 |
| Investment activities | |
| Change in fix assets | (1,064) |
| Financial activity | |
| Increase in long term debt | $640 |
| Common stock dividend | 120 |
| Total financing activities | $520 |
| Change in cash | $22 |
| Beginning cash | 500 |
| Ending cash | $522 |
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