Use the Amalgamated Hat Rack financial statements, as detailed in Chapter 1 of the text, to answer the following questions:
- How much is the Net Income for 2002?
- List the two types of sales that the company engages in.
- How much is the Cost of Goods Sold for 2002?
- What is the Gross Profit for 2002?
- How do you calculate Gross Profit?
- How much did the company pay in Interest Expense for 2002?
- What is the time frame for a Balance Sheet?
- How much are the Current Assets for 2002?
- What is a current asset?
- How much is Owner’s Equity for 2002?
- What is the accounting equation for 2002?
- What are the three sections of the Statement of Cash Flows?
- How much is the Cash Flow from Operations for 2002?
- What was the primary investing activity on the Statement of Cash Flow for 2002?
- What was the primary financing activity on the Statement of Cash Flow for 2002?