Financial statements for Q

Financial statements for Q - Financial statements for...

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Financial statements for Q-Comm Company follow. Q-Comm Company, Balance Sheets at December 31 20X3 20X2 Assets Cash $ 180,000 $ 200,000 Accounts receivable, net 850,000 830,000 Inventory 620,000 560,000 Total current assets $ 1,650,000 $ 1,590,000 Plant and equipment 7,540,000 6,650,000 Accumulated depreciation (1,920,000) (1,500,000) Total assets $ 7,270,000 $ 6,740,000 Equities Accounts payable $ 220,000 $ 190,000 Accrued expenses 450,000 440,000 Total current liabilities $ 670,000 $ 630,000 Long-term debt 1,000,000 950,000 Total liabilities $ 1,670,000 $ 1,580,000 Common stock, no par value 4,000,000 4,000,000 Retained earnings 1,600,000 1,160,000 Total equities $ 7,270,000 $ 6,740,000 Q-Comm Company, Income Statement for 20X3 Sales $8,650,000 Cost of goods sold 4,825,000 Gross profit $3,825,000 Operating expenses: Depreciation $ 420,000 Other 2,135,000 Total 2,555,000 Income before interest and taxes $1,270,000 Interest expense 70,000 Income before taxes $1,200,000 Income taxes at 30% 360,000 Net income $ 840,000 Q-Comm Company, Cash Flow Statement for 20X3 Net cash flow from operating activities: Collections from customers $ 8,630,000 Payments to suppliers (4,855,000) Payments for operating expenses (2,163,000) Interest paid (72,000) Taxes paid (320,000) Net cash provided by operations $ 1,220,000 Cash flows for investing activities—purchase of plant and equipment (890,000)
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