FIN 300 – Fall 2017 – Homework # 1 Name:____________________________________________ (Please print) 1. Given the following information, construct a balance sheet in proper GAAP format for the Hit or Miss Corporation, as of 12/31/2016. Accounts Payable $20,000 Accounts Receivable (Gross) $125,000 Accumulated Depreciation ($100,000) Accruals $5,000 Allowance for Doubtful Accounts ($10,000) Cash $10,000 Inventory $200,000 Equity $200,000 Fixed Assets (Gross) $500,000 Long Term Debt $400,000 Short Term Portion of Long Term Debt $100,000 2. What is the company’s net working capital as of 12/31/2016? (Show your work) 3. Given the following information, construct an Income Statement in proper format (based on the Income Statement info format I posted on Blackboard) for the Hit or Miss Corporation. It is for that company’s 12 month period ending 12/31/2016. Administrative Expenses $100,000 Cost of Goods Sold $400,000 Income Tax $100,000 Net Sales $1,000,000 Selling Expenses $100,000

FIN 300 – Fall 2017 – Homework # 1

Name:____________________________________________  (Please print)

1. Given the following information, construct a balance sheet in proper GAAP format for the Hit or Miss Corporation, as of 12/31/2016.

Accounts Payable                                            $20,000

Accounts Receivable (Gross)                          $125,000

Accumulated Depreciation                             ($100,000)

Accruals                                                          $5,000

Allowance for Doubtful Accounts                   ($10,000)

Cash                                                                $10,000

Inventory                                                         $200,000

Equity                                                              $200,000

Fixed Assets (Gross)                                        $500,000

Long Term Debt                                              $400,000

Short Term Portion of Long Term Debt          $100,000

2. What is the company’s net working capital as of 12/31/2016? (Show your work)

3.  Given the following information, construct an Income Statement in proper format (based on the Income Statement info format I posted on Blackboard) for the Hit or Miss Corporation.  It is for that company’s 12 month period ending 12/31/2016.

Administrative Expenses                                 $100,000

Cost of Goods Sold                                          $400,000

Income Tax                                                     $100,000

Net Sales                                                         $1,000,000

Selling Expenses                                              $100,000

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