Question

Fill in the missing amounts (indicated with question marks). Requirement 1. Fill in the missing amounts. Begin by compl Stingray Company Income Statement For the Year Ended December 31, 2012 Sales.................. $ E N 625,000 Cost of goods sold Gross profit on sales. 265,000 S5 000 Administrative expenses Operating income Interest expense 9,000 76,400 Income tax expense de mine by 65,000 Net income Now fill in the missing amounts on the balance sheet Enter any number in the edit fields and then continue to t Save for Later

Answer 1

1. cost of goods sold = sales - gross profit = 625000-265000 = 360000

2. operating income = gross profit - admin expenses = 265000 - 65000 = 200000

3. net income = operating income - interest expense - income tax = 200000-9000-76400 = 114,600

in balance sheet

cash = total assets - receivables - inventory - equipment = 1142000-14000-42000-976000 = 110,000

liablity + capital = assets , therefore liabilities side total = 1142000

retained earning = total - payables - capital = 1142000-14000-10100-700000 = 417900