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Take home quiz 1 - Kernel Mills Inc. 2006 and 2005 Income...

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Kernel Mills Inc. 2006 and 2005 Income Statements 2006 2005 Depreciation Expense: Sales 5,200,000 4,800,000 Acc. Depr. 2006 - Acc. Depr 2005 COGS 3,285,000 3,014,000 800,000 Depr. Expense 100,000 50,000 (700,000) Operating Expenses 1,400,000 1,350,000 100,000 Earnings before interest and taxes 415,000 386,000 Interest Paid 116,500 101,000 Taxable Income 298,500 285,000 Taxes 148,000 140,000 Net Income $150,500 $145,000 Dividends Paid 15,500 13,500 Dividends: Addition to retained Earnings 135,000 131,500 Net Income - Addition to RE 150,500 145,000 145,000 150,500 (131,500) (15,500) 13,500 135,000 Kernel Mills Inc. 2006 and 2005 Balance Sheets 2006 2005 Current Assets Cash 175,000 155,000 A/R 690,000 630,000 Short-Term Investments 165,000 145,000 Inventories 660,000 605,000 Total Current Assets 1,690,000 1,535,000 Fixed Assets PPE 2,610,000 2,350,000 Less Accumulated Depr. (800,000) (700,000) Total Fixed Assets 1,810,000 1,650,000
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Total Assets $3,500,000 $3,185,000 Current Liabilities A/P
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Take home quiz 1 - Kernel Mills Inc. 2006 and 2005 Income...

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