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# FIN621 Assignment No 01 Solution & Discussion Fall 2017

FIN621 Assignment No 01 Solution & Discussion Fall 2017

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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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