LOCKE_CO(1) - CURRENT ASSETS 876,000 CASH 135,000 MARKETABLE SECURITIES 354,000 ACCOUNTS RECEIVABLES 123,000 LESS ALW FOR UNCOL ACCOUNTS-36,000

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INCOME STATEMENT OF LOCKE COMPANY GROSS SALES 2,873,000  LESS: SALES DISCOUNTS -46,000  DAUBTFUL ACCOUNT EXPENSE -36,000  SALES RETURNS AND ALLOWANCES -39,000  NET SALES 2,752,000  -COST OF GOODS SOLD -1,923,000  GROSS PROFIT 829,000  OPERATING EXPENSES -310,000  RENT EXPENSE 21,000 UTILITIES EXPENSE 28,000 ADVERTSING EXPENSE 143,000 SALARY EXPENSE 3,000 DEPRECIATION EXPENSE 38,000 FEIGT-OUT EXPENSE 24,000 INSURANCE EXPENSE 53,000 OPERATING INCOME 519,000  - INTEREST EXPENSE -13,000  INTEREST REVENUE 32,000  OTHER INCOMES (SERVİCE REVENUE) 192,000  INCOME BEFORE TAX 730,000  - TAX -80,000  NET INCOME 650,000           STATEMENT OF RETAINED EARNINGS RETAINED EARNINGS AT THE BEGINING OF THE PERIOD 260,000 ADD: NET INCOME 650,000 LESS: DIVIDEND 0 RETAINED EARNINGS AT THE END OF THE PERIOD 910,000 HAYDAR ÖZÇELİK
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                              BALANCE SHEET OF LOCKE COMPANY
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Unformatted text preview: CURRENT ASSETS 876,000 CASH 135,000 MARKETABLE SECURITIES 354,000 ACCOUNTS RECEIVABLES 123,000 LESS: ALW. FOR UNCOL. ACCOUNTS-36,000 MERCHANDISING INVENTORY 245,000 SUPPLIES INVENTORY 1,000 PREPAID RENT 23,000 PREPAID INSURANCE 31,000 FIXED ASSETS 1,074,000 LAND 420,000 BUILDINGS 263,000 FIXTURES AND FURNITURES 130,000 OFFICE EQUIPMENT 145,000 LESS:ACCUMULATED DEPRECIATION-94,000 PATENTS 162,000 TRADEMARKS 48,000 TOTAL ASSETS 1,950,000 SHORT-TERM LIABILITIES 490,000 BANK LOANS 340,000 ACCOUNTS PAYABLE 37,000 TAXES PAYABLE 80,000 ACCURED INTEREST 2,000 ACCURED EXPENSES 5,000 DEFERRED SERVICE REVENUE 26,000 OWNERS' EQUITY 1,460,000 CAPITAL 550,000 RETAINED EARNINGS 910,000 TOTAL LIABILITIES AND OWNERS' EQUITY 1,950,000 HAYDAR ÖZÇELİK...
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This note was uploaded on 06/03/2009 for the course FIN 5308 taught by Professor Mckenzie during the Spring '07 term at Youngstown State University.

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LOCKE_CO(1) - CURRENT ASSETS 876,000 CASH 135,000 MARKETABLE SECURITIES 354,000 ACCOUNTS RECEIVABLES 123,000 LESS ALW FOR UNCOL ACCOUNTS-36,000

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