Fill in the missing amounts. Begin by completing the income statement.
Fox Company
Income Statement
For the Year Ended December 31, 2012
Sales . . . . . . . . . . . . . . . . . .
$750,000
Cost of goods sold . . . . . . .?????
Gross profit on sales . . . . . .
450,000
Administrative expenses . .
50,000
Operating income . . . . . . . .??????
Interest expense . . . . . . . . .
5,000
Income tax expense . . . . . .
138,250
Net income . . . . . . . . . . . . .
Now fill in the missing amounts on the balance sheet.
Fox Company
Balance Sheet
At December 31, 2012
Cash . . . . . . . . . . . . . . . . . .???
Accounts payable . . .
$13,100
Accounts receivable . . . . . .
14,000
Note payable . . . . . . .
9,600
Inventory . . . . . . . . . . . . . . .
49,000
Equipment . . . . . . . . . . . . . .
965,000
Contributed capital . .
550,000
Retained earnings . . .???
Total . . . . . . . . . . . . . . . . . .
$1,132,000
Total . . . . . . . . . . . . . .?????
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