Use the appropriate items from the following list to prepare the income statement for DEF Inc. (Ended July 31st 2010) Item Value($000) Accounts receivable $350 Cost of goods sold 285 Amortization expense 55 General and administrative expense 60 Interest expense 25 Preferred share dividends 10 Sales revenue 525 Selling expense 35 Common shares 265 Retained earnings 325 Tax rate 40% Use the appropriate items from the following list to prepare XYZ company’s balance sheet at July 31, 2011 Item Value ($000) at July 31, 2011 Accounts payable $ 220 Accounts receivable 450 Accruals (liabilities ) 55 Buildings 225 Cash 215 Common shares 290 Cost of goods sold 2,500 Amortization expense 45 Equipment 140 Furniture and Fixtures 170 General expense 320 Inventories 375 Land 100 Long term debt 420 Machinery 155 Marketable securities 75 Line of credit 475 Preferred shares 100 Retained earnings 370 Sales Revenue 3,600 Vehicles 25

Income statement ($000) Sales revenue 525 Cost of goods sold - 285 Gross profit 240 Operating expenses: Amortization expense - 55 General and administrative expense - 60 Selling expense - 35 Operating profit 90 Interest expense - 25 Profit before tax 65 Income tax - 26 Net income 39 Balance sheet Assets Current assets Cash 215 Accounts receivable 450 Inventory 375 Marketable security 75 Total current assets 1,115 Property, plant and equipment Equipment 140 Furniture 170 Vehicles 25 Machinery 155 Building 225 Land 100 Property, plant and equipment (total) 815 Total assets 1,930 Liabilities and equity Current liabilities Accounts payable 220 Accruals 55 Line of credit 475 Total current liabilities 750 Long term debt 420 Stockholders' equity Common stock 290 Preferred stock 100 Retained earnings 370 Total stockholders' equity 760 Total liabilities and equity 1,930 Kindly give a positive rating if you are satisfied with the answer. Feel free to ask if you have any doubts. Thanks..

Use the appropriate items from the following list to …

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Income statement ($000)

Sales revenue	525
Cost of goods sold	- 285
Gross profit	240
Operating expenses:
Amortization expense	- 55
General and administrative expense	- 60
Selling expense	- 35
Operating profit	90
Interest expense	- 25
Profit before tax	65
Income tax	- 26
Net income	39

Balance sheet

Assets
Current assets
Cash	215
Accounts receivable	450
Inventory	375
Marketable security	75
Total current assets	1,115
Property, plant and equipment
Equipment	140
Furniture	170
Vehicles	25
Machinery	155
Building	225
Land	100
Property, plant and equipment (total)	815
Total assets	1,930
Liabilities and equity
Current liabilities
Accounts payable	220
Accruals	55
Line of credit	475
Total current liabilities	750
Long term debt	420
Stockholders' equity
Common stock	290
Preferred stock	100
Retained earnings	370
Total stockholders' equity	760
Total liabilities and equity	1,930

Kindly give a positive rating if you are satisfied with the answer. Feel free to ask if you have any doubts. Thanks.

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Item	Value($000)
Accounts receivable	$350
Cost of goods sold	285
Amortization expense	55
General and administrative expense	60
Interest expense	25
Preferred share dividends	10
Sales revenue	525
Selling expense	35
Common shares	265
Retained earnings	325
Tax rate	40%

Item	Value ($000) at July 31, 2011
Accounts payable	$ 220
Accounts receivable	450
Accruals (liabilities )	55
Buildings	225
Cash	215
Common shares	290
Cost of goods sold	2,500
Amortization expense	45
Equipment	140
Furniture and Fixtures	170
General expense	320
Inventories	375
Land	100
Long term debt	420
Machinery	155
Marketable securities	75
Line of credit	475
Preferred shares	100
Retained earnings	370
Sales Revenue	3,600
Vehicles	25

Use the appropriate items from the following list to prepare the income statement for DEF Inc....

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