The Following Data Was Taken from the Books of Peanut

question 43

Short Answer

The following data was taken from the books of Peanut Inc. as of December 31, 2020:
Cost of goods sold $ 15,300 Selling & administrative expense $3,500
Income tax expense 6,120 Accounts payable 12,000
Cash 3,500 Common shares, (3,250 shares) 20,000
Retained earnings (Jan 1) 8,000 Dividends 6,000
Other income 1,500 Interest expense 900
Sales revenue 35,000 Depreciation expense 1,500
Equipment 39,680
Instructions
a) Calculate total assets.
b) Calculate total revenue and expenses.
c) Calculate total liabilities.

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Definitions:

Pessimistic Scenarios

Situations that are imagined or forecasted, based on negative outcomes or the worst possible circumstances.

Simple Regression

A statistical method used to understand and quantify the relationship between two quantitative variables, typically involving one independent variable and one dependent variable.

Independent Variable

In research and statistics, the variable that is manipulated to observe its effect on a dependent variable.

Scenario Forecasting

A planning method used to make flexible long-term plans based on various predicted future scenarios.