Put the following income statement and balance sheet terms g

Put the following income statement and balance sheet terms (general ledger accounts) in the proper order for properly prepared financial statements: Taxes, interest, gross profit, selling, general and administrative expenses, sales, depreciation, net income, cost of goods sold, EBITDA.

Put the following balance sheet terms (general ledger accounts) in the appropriate category as either short-term assets, long-term assets, short-term liabilities, long-term liabilities, and/or owner\'s equity for properly prepared financial statements: Cash, accounts payable, accruals, property, plant and equipment, inventory, accounts receivables, paid in capital, retained earnings, notes payable, mortgage, accounts payable.

Solution

Income Statement Sales XXX cost of goods sold XXX Gross Profit XXX Less: Expenses Depreciation XXX Selling XXX General and administrative Expenses XXX EBITDA XXX Interest XXX Profit Before Taxation XXX Taxation XXX Net income XXX BALANCE SHEET ASSETS AMOUNT LIABILITIES AMOUNT CURRENT ASSETS CURRENT LIABILITIES AMOUNT Account Receivable XXX Account Payable XXX Cash XXX Accrual XXX Inventory XXX Short Term Liabilities XXX Short Term Assets XXX Notes Payable XXX Mortgage XXX Long Term Assets XXX TOTAL CURRENT LIABILITIES XXX TOTAL CURRENT ASSETS(A) XXX Long Term Liabilities XXX Not Payable TOTAL LIABILITIES (A) OWNER\'S EQUITY Paid in Capital XXX FIXED ASSETS Property XXX Retained Earnings XXX Plant and Equipment XXX TOTAL FIXED ASSETS (A) XXX TOTAL ASSETS (A + B) XXX TOTAL LIABILITIES AND OWNERS EQUITY (A +B) XXX