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FIN621 Assignment No 01 Solution & Discussion Fall 2017

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Please Discuss here about this assignment.Thanks

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Thanks it is right.

but my question is then we have to left fixed assets blank.
means 850,000 is balance b/d.??

Haider Corporation

Profit & Loss Statement

For the year ended Dec 31st, 2017

 

Sales                                                                                       2,000,000

Cost of goods sold                                                                  (1,200,000)

Gross profit                                                                              800,000

Operating Expenses:                                                   

Admin Expenses                                                                        (360,000)

Marketing Expenses                                                                   (180,000)

Interest and other Expenses                                                       (60,000)

Earnings before Taxes                                                                   200,000

Tax @ 50%                                                                               (100,000)

Net Income                                                                              100,000

 

 

 

 

 

Haider Corporation

Balance Sheet

As at Dec 31st, 2017

 

Assets

Amount

Liabilities & Equity

Amount

Cash                                        69,000

Notes Payable                         80,000

Accounts Receivables            300,000

Accounts Payabe                 340,000

Inventory                              240,000

Total Current Assets               609,000

Total Current Liabilities          420,000

 

 

Fixed Assets                        850,000

Long term Debt                     340,000

    

Common Stock                 200,000    

                                                        Retained Earnings                  499,000

Total   

1,459,000

Total

1,459,000

 

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