ACC305 Week 2 Assignment 1 final

ACC305 Week 2 Assignment 1 final - Running head ASSIGNMENT...

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Running head: ASSIGNMENT 1 1 Week 2 Assignment 1 Amanda Miles Instructor: Kimberly Byrd April 11, 2016 Covington Pike Corporation Balance Sheet
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ASSIGNMENT 1 2 Assets Current Assets Cash $15,000 Accounts Receivable (net) $12,000 Inventory $30,000 Other current assets $3,000 Total Current Assets $60,000 Property, Plant, and Equipment Property, Plant, and Equipment (net) $140,000 Total Assets $200,000 Liabilities and Shareholders’ Equity Current Liabilities Accounts Payable $25,000 Short-term Notes $5,000 Total Current Liabilities $30,000 Long-Term Liabilities Bonds Payable $20,000 Total Liabilities $50,000 Shareholders’ Equity $150,000 Total Liabilities and Shareholders’ Equity $200,000 Covington Pike Corporation Income Statement
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ASSIGNMENT 1 3 Sales $300,000 Cost of Goods Sold ($180,000) Total Profit $120,000 Operating Expenses ($96,000) Interest Expense ($2,000) Tax Expense ($7,000) Net Income $15,000 Calculations Balance Sheet:
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ASSIGNMENT 1 4 Cash: Given $15,000 Accounts Receivable: Receivables turnover ratio = Sales / Accounts receivable = 25 Accounts receivable = Sales / Receivable turnover ration Accounts receivable = $180,000 / 25 = $12,000 Inventory:
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  • Fall '10
  • HARDINRUIZHEN
  • Balance Sheet, Current Liabilities, Net Income, Generally Accepted Accounting Principles, Shareholders’ Equity

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