week 1 evans

 please complete both attachments

Managers within the firm, as well as the firm’s owners and lenders, keep track of the firm’s performance by reviewing its financial statements – income statement, balance sheet, and statement of cash flows.

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· What is the purpose of the income statement? Identify the major types of expenses that are shown on the typical income statement.

· What is the purpose of the balance sheet? Identify the major types of assets and the claims of creditors and owners shown on the typical balance sheet.

· What are the three different accounts that comprise the owners’ equity (also known as stockholders’ equity) section on a typical corporate balance sheet?

· What is a statement of cash flows? Describe the three standard sections contained in a statement of cash flows.

PART 2: Complete both the balance sheet and income statement exercises in the attached Excel file and submit as a file. Note: the file is auto submitted to Turnitin and will result in high score. Please disregard the score. 

Balance Sheet

You learned about Balance Sheets this week. Fill in the missing items below.
Enter the answers in blue shaded cells
Cash $10,000 Accounts payable $12,000
Accounts receivable 100,000 Notes payable 50,000
Inventory Total current liabilities
Total current assets $220,000 Long-term debt
Gross PP&E 500,000 Total Liabilities $190,000
Less accumulated depreciation
Net PP&E $375,000 EQUITY
Total Assets Common stock ($1 par; 100,000 shares)
Paid-in capital
Retained earnings 150,000
Total stockholders’ equity
Total Liabilities and Equity
Reminder: A=L+E

Income Statement

Enter the answers in blue shaded cells



You learned about Income Statements this week. Fill in the missing items below.
COGS 575,000
Gross profit $1,600,000
G&A expense 200,000
Sales & Mkting expense
Operating income
Income before taxes
Income taxes (30%)
Net income $700,000
1: Calculate Sales
2. Calculate Income before taxes. Taxes are 30%, so you know the Net Income (Y) is a percent of “Income before taxes” (X)
3. Calculate the Income taxes figure
4. Calculate Operating Income
5. Calculate Sales & Mkting Exp

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