Sales Cost of Goods Depreciation Selling and G&A Expenses Fixed Expenses Interest Expense Tax Rate Shares Outstanding Cash Marketable Securities Accounts Receivable Inventory Prepaid Expenses Plant & Equipment Accumulated Depreciation Long Term Investments Accounts Payable Notes Payable Other Current Liabilities Long-term Debt Common Stock Additional Paid-in-Capital Retained Earnings 2021 2020 $8,050,000 $6,500,000 5,350,000 4,250,000 120,000 820,000 200,000 350,000 40.00% 2,900,000 2,500,000 100,000 730,000 200,000 300,000 40.00% 100,000 323,000 250,000 450,000 1,250,000 120,000 5,350,000 4,800,000 410,000 290,000 450,000 360,000 420,000 380,000 300,000 200,000 200,000 180,000 600,000 863,000 80,000 50,000 100,000 350,000 850,000 40,000 2,500,000 2,000,000 500,000 500,000 1. Use the above data and create Lowell's income statement and balance sheet for 2021 and 2020. Each financial statement should be

Sales Cost of Goods Depreciation Selling and G&A Expenses Fixed Expenses Interest Expense Tax Rate Shares Outstanding Cash Marketable Securities Accounts Receivable Inventory Prepaid Expenses Plant & Equipment Accumulated Depreciation Long Term Investments Accounts Payable Notes Payable Other Current Liabilities Long-term Debt Common Stock Additional Paid-in-Capital Retained Earnings 2021 2020 $8,050,000 $6,500,000 5,350,000 4,250,000 120,000 820,000 200,000 350,000 40.00% 2,900,000 2,500,000 100,000 730,000 200,000 300,000 40.00% 100,000 323,000 250,000 450,000 1,250,000 120,000 5,350,000 4,800,000 410,000 290,000 450,000 360,000 420,000 380,000 300,000 200,000 200,000 180,000 600,000 863,000 80,000 50,000 100,000 350,000 850,000 40,000 2,500,000 2,000,000 500,000 500,000 1. Use the above data and create Lowell's income statement and balance sheet for 2021 and 2020. Each financial statement should be

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.2MBA: Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the...

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