Accounting Assignment Paper
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Accounting Assignment Paper INSTRUCTIONS:
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CONTENT:
ACCOUNTING Name Course Instructor Date 3.2] Income statement Income statementSales $525,000 Cost of goods sold 200,000Gross profit$325,000 General and administrative expenses62,000Depreciation expenses8,000Earnings Before Interest and Taxes$255,000 Interest expense12,000Income taxes97,200Net income$145,800 3.6] Warner Company Net working capital, operating working capital and debt ratio Net working capital= current assets- current liabilities = [cash+ accounts receivable+ inventory prepaid expenses] - [accounts payable +accrued expenses+ notes payable+ taxes payable] (225,000+ 153,000+ 99,300+ 14, 500- (102,000+ 7.900+ 75,000+53,000) = 253,900 Operating working capital= short term assets – short term liabilities= (cash+ accounts receivable+ inventory) - (accounts payable +accrued expenses+ notes payable+ taxes payable) =477,300- 237,900= 239,400 Debt ratio= current liabilities + long-term debts/ total assets= 571,900/ 1,123,800= 0.51 Income statement Income statement Sales 573,000Cost of goods sold 29
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