Calculate the total assets and total liabilities

Assignment Help Financial Accounting

Reference no: EM131288408

Madam Malkin’s Robes for All Occasion end-of-year account information consisted of the following amounts: net sales $750,000; cost of goods sold $450,000; interest expense $18,000; income tax expense $30,000; selling, general, and administrative expenses $132,000; cash $180,000; property, plant and equipment $950,000; common stock $1,000,000; accounts receivable $700,000; long-term debt $600,000; accounts payable $350,000; inventory $540,000. Calculate the following:

1. Total assets

2. Total liabilities

3. Is Madam Malkin’s profitable? Show your calculations.

Reference no: EM131288408

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