This task must be completed in order from 1 to 11 as identified in both the Income Statement and the Balance Sheet. In addition, all answers must cite relevant supporting formulas used and show all detailed calculations showing the exact steps on how each of the answers were calculated in Microsoft Word format.

The following ratios information was calculated for Jones Furniture Manufacturing for 2010:

                  Profit margin                                                  20%

                  Times interest earned                                12 times

                  Receivables turnover                                  5 times

                  Acid-test ratio                                              1.4 : 1

                  Current ratio                                                2.5 : 1

                  Debt to total assets ratio                                  24%

The Jones Furniture Manufacturing  Income Statement and Balance Statement's with the missing information are as follows:

Jones Furniture Manufacturing 

Income Statement

For the Year Ended December 31, 2010

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Net sales.......................................................................................................................                                        $200,000

Cost of goods sold......................................................................................................                                          100,000

Gross profit..................................................................................................................                                          100,000

Expenses:

        Depreciation expense........................................................................................        $     ?  (5)

        Interest expense..................................................................................................                   5,000

        Selling expenses..................................................................................................                10,000

        Administrative expenses...................................................................................               15,000

                Total expenses............................................................................................                                     ?        (4)

Income before income taxes...................................................................................                                    ?        (2)

        Income tax expense..........................................................................................                                     ?        (3)

Net income..................................................................................................................                                     $    ?  (1)