Requirement 1. Fill in the missing amounts. Begin by completing the income statement. Toad Company
Income Statement
For the Year Ended December 31, 2012
Sales. . . . . . . . . . . . . . . . . .
$575,000
Cost of goods sold. . . . . . .
Gross profit on sales. . . . . .
215,000
Administrative expenses. .
60,000
Operating income. . . . . . . .
Interest expense. . . . . . . . .
7,000
Income tax expense. . . . .
44,400
Net income. . . . . . . . . . . . .
Toad Company
Balance Sheet
At December 31, 2012
Cash. . . . . . . . . . . . . . . .
$ ?
Accounts payable. . .
$13,500
Accounts receivable. . . . .
12,500
Note payable. . . . . . .
8,800
Inventory. . . . . . . . . . . . .
43,000
Equipment. . . . . . . . . . . . . .
973,000
Contributed capital. .
610,000
Retained earnings. . .
?
Total. . . . . . . . . . . . . . . .
$1,124,500
Total
?