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.