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Assignment-
Tiger Corp.
The accountant for Tiger Corporation prepared the following list of account balances from the company's records for the year ended December 31, 2016.
Net Sales
$2,000,000
Cash
$382,000
Accounts Receivable
120,000
Income Taxes Expense
196,000
Equipment, net
420,000
Common Stock
350,000
Accounts Payable
Interest Revenue
20,000
Operating Expenses
650,000
Cost of Goods Sold
800,000
Interest Expense
10,000
Inventory
220,000
Prepaid Rent
Salaries Payable
50,000
Notes Payable
200,000
Retained Earnings, January 1, 2016
3,000
Dividends
5,000
1. Calculate Total Assets on December 31, 2016.
2. Calculate Income from Operations for the year ending December 31, 2016.
3. Calculate Ending Retained Earnings on December 31, 2016.
4. Calculate the Current Ratio on December 31, 2016.
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