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(Reviewing financial statements) The Following is a scrambled list of accounts from the income statement...

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Accounting

(Reviewing financial statements) The Following is a scrambled list of accounts from the income statement and balance sheet of Belmond, Inc.:

Inventory $ 6,500

Common stock 45,000

Cash 16,550

Operating expenses 1,350

Short-term notes payable 600

Interest expense 900

Depreciation expense 500

Sales 12,800

Accounts receivable 9,600

Accounts payable 4,800

Long-term debt 55,000

Cost of goods sold 5,750

Buildings and equipment 122,000

Accumulated depreciation 34,000

Taxes 1,440

General and administrative expense 850

Retained earnings ? (FILL IN THE RETAINED EARNINGS HERE)

a. What is the firms net working capital?

b. Complete an income statement and a balance sheet for Belmond.

c. If you were asked to complete parts a and b as part of a training exercise, what could you tell your boss about the companys financial condition based on your answers?

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