Income Statement

Income Statement - Total Current Liabilities $18,000 Long...

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Part A Charlie Company Income Statement For the Year Ended December 31, 2007 Revenues     Sales Revenue $36,500  Expenses cost of goods sold 13,000     Salaries Expense $5,200      Depreciation Expense 4,800     Interest Expense 2,000      Total Expenses 25,000 Net Income $11,500 Part A Charlie Company Retained Earnings Statement For The Year Ended December 31, 2007 Retained Earnings, January 1 $16,000 Add: Net Income 11,500 27,500 Less: Dividends 5,300 Retained Earnings, December 31 $22,200 
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Part A Charlie Company Balance Sheet December 31,2007 Assets Current Assets     Cash $24,000     Accounts Receivable 4,000     Supplies 4,500       Total Current Assets $32,500 Property, Plant, and Equipment     Equipment $48,000     Less: Accumulated Depreciation 4,800 43,200 Intangible Assets     Patents 7,500 Total Assets $83,200  Liabilities and Stockholders' Equity Current Liabilities      Accounts Payable $10,000     Current Portion of Notes Payable 8,000
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Unformatted text preview: Total Current Liabilities $18,000 Long Term Liabilities Notes Payable 18,000 Total Liabilities 18,000 Stockholders' Equity Retained Earnings 22,200 Common Stock 25,000 Total Stockholder's Equity 47,200 Total Liabilities and Stockholder's Equity $83,200 Part B Current Assets B1) Current Ratio = Current Liabilities $32,500 Current Ratio = $18,000 Current Ratio = 1.81:1 Total Liabilities B2) Debit to Total Assets Ratio = Total Assets $18,000 Debit to Total Assets Ratio = $83,200 Debit to Total Assets Ratio = 22% B3) Working Capital = Current Assets - Current Liabilities Working Capital = $32,500 - $18,000 Working Capital = $14,500 Net Income - Preferred Stock Dividends B4) Earnings Per Share = Average Common Shares Outstanding $11,500 - 0 Earnings Per Share = 5,000 Earnings Per Share = $2.30...
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This note was uploaded on 03/16/2009 for the course ACC 281 taught by Professor Yang during the Spring '08 term at SUNY Brockport.

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Income Statement - Total Current Liabilities $18,000 Long...

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