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Calculate income from operation for the year ending december

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Reference no: EM131376670

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

120,000

Interest Revenue

20,000

Operating Expenses

650,000

Cost of Goods Sold

800,000


Interest Expense

10,000

Inventory

220,000

Prepaid Rent

10,000

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.

Reference no: EM131376670

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