I am having trouble figuring out few things from here, such as Net Income, Total
ID: 2504844 • Letter: I
Question
I am having trouble figuring out few things from here, such as Net Income, Total Revenue, Total Assets, Average total Assets, and Cost of Goods sold????
Account Name Debit Credit Cash and Cash Equivalents 545 Short-term Investments Receivables, Net 1,085 Merchandise Inventory 10,625 Other Current Assets 1,224 Property, less Accumulated Depreciation 25,060 Notes Receivable 139 Goodwill 1,187 Other Assets 260 Short-term Debt - Accounts Payable 4,717 Accrued Salaries and Related Expenses 1,290 Sales Tax Payable 368 Deferred Revenue 1,177 Income Taxes Payable 13 Current Installments of Long-Term Debt 1,042 Other Accrued Expenses 1,515 Long-term Debt 8,707 Other Long-Term Liabilities 2,135 Deferred Income Taxes 272 Common Stock 86 Paid-In Capital 6,556 Retained Earnings (Beg Bal - Jan. 31, 2010)p.A.7 13,226 Dividends and Other (p. A.7 or p.30) 1,569 Accumulated Other Comprehensive Income 445 Treasury Stock 3,193 Net Sales 67,997 Cost of Sales 44,693 SG&A 15,849 Depreciation and Amortization 1,616 Interest and Investment Income 15 Interest Expense 530 Other 51 Loss from Discountinued Operations Provision for Income Tax 1,935 Totals 109,561 109,561Explanation / Answer
Total revenue is just the same thing as net sales so 67,997
Net income is revenue minus expenses so 67,997-44.693 (this is cost of goods sold) -15849-1616 +15-530-51-1935= 3338
Total assets are all the debits at the top so 545+1085+10625 +1224+25060+139+1187+280= 40145
For average total assets we would need data from prior year,
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