ACC 363 - Final Exam CH

ACC 363 Final - Financial Accounting 5th Edition by Weygandt Kieso and Kimmel Solving Financial Accounting Problems Using Microsoft Excel for

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FileName: 9f2d374f9bccc3dafee1d5a063ed9d1cd05c3c25.xls, Tab: Problem P15-2, Page 1 of 2, 05/12/2009, 21:40:38 TAYLOR TOOL COMPANY Income Statement For the Year Ended December 31 2006 2005 Net Sales $1,818,500 $1,750,500 Cost of Goods Sold 1,011,500 996,000 Gross Profit 807,000 754,500 Selling and Adminstrative Expense 506,000 479,000 Income from Operations 301,000 275,500 Other Expenses and Losses Interest Expense 18,000 14,000 Income before Income Taxes 283,000 261,500 Income Tax Expense 84,000 77,000 Net Income $199,000 $184,500 Liabilities and Stockholders'Equity Accounts Payable $9,000 $18,500 Accrued Expenses Payable 9,500 7,500 Interest Payable 1,000 1,500 Income Taxes Payable 3,000 2,000 Bonds Payable 50,000 80,000 Common Stock 123,000 105,000 Retained Earnings 81,500 69,000 Total $277,000 $283,500 TAYLOR TOOL COMPANY Balance Sheets December 31 Assets 2006 2005 Current Assets Cash $60,100 $64,200 Short-term Investments 69,000 50,000 Accounts Receivable (net) 107,800 102,800 Inventory 133,000
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This note was uploaded on 07/12/2008 for the course ACC 363 taught by Professor Rossi during the Spring '08 term at University of Phoenix.

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ACC 363 Final - Financial Accounting 5th Edition by Weygandt Kieso and Kimmel Solving Financial Accounting Problems Using Microsoft Excel for

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