Marketing Essentials

Section 1: Preparing Financial Documents

Answers to Practices

Practice 1 Answers
  1. Total assets are $25,200 ($15,000 + $5,000 + $1,000 + $1,700 + $2,500 = $25,200)
  2. Total liabilities are $16,500 ($10,000 + $5,000 + $1,500 = $16,500)
  3. Net worth is $8,700 ($25,200 - $16,500 = $8,700)
Practice 2 Answers
Total costs for the first quarter are $35,800 [$25,000 + ($3,600 X 3) = $35,800].
Total costs for the year are $68,200 [$25,000 + ($3,600 X12) = $68,200].
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