Use the following information to answer the next six questions:
All balances are as of 12/31/2017 unless specified otherwise.
Loss on the Sale of Equipment 62,250
Income Tax Expense 48,750
Short Term Investments 1,500
Inventory 97,500
Retained Earnings, 1/1/17 281,000
Gain on Sale of Equipment 27,500
Goodwill 50,000
Cost of Goods Sold 204,000
Common Stock ???
Notes Payable 5/1/18 12,500
Cash 70,000
Sales Revenue 447,500
Accumulated Depreciation 50,000
Dividends 10,000
Notes Payable, due 12/31/19 104,500
Prepaid Expenses 2,500
Furniture 83,000
Accrued Expenses 28,000
Equipment 372,500
Accounts Receivable 42,000
Operating Expenses 43,000
Accounts Payable 36,000
Working Capital as of December 31, 2017. 137,000
Retained Earnings and Cash as of 12/31/2017.
D. Retained Earnings $388,000 Cash $70,000
Total Liabilities as of 12/31/2017.
E. $181,000
Income from Operations for 2017.
$200,500
Determine the Total Assets as of 12/31/2017.
A. $719,000
B. $769,000
C. $679,000
D. $669,000
E. $696,500
QUESTION 10
Determine the Profit Margin for the year ended December 31, 2017.
A. 26%
B. 37%
C. 54%
D. 382%
E. $243,500