1-10
FINANCIAL STATEMENT ANALYSIS
ANSWER KEY
1
.
The value for the
N
ET
F
IXED
A
SSET
account is missing. What should the correct amount
be for the Balance Sheet to be correct?
d) 81.3
G
ROSS
F
IXED
A
SSETS
- D
EPRECIATION
= N
ET
F
IXED
A
SSETS
101.2 - 19.9 = 81.3
2.
Suppose that $1.2 million wo rth of apples spoiled before the company was able
to package them. What asset account would be affected?
c) Raw Goods Inventory
The company uses fresh fruit and packaging materials as raw materials to produce
packaged fruit as its product for sale.