Current Attempt in Progress The income statement and unclassified sta.docx - Current Attempt in Progress The income statement and unclassified statement

Current Attempt in Progress The income statement and unclassified sta.docx

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Current Attempt in Progress The income statement and unclassified statement of financial position for Sand hill, Inc. follow SANDHILL, INC. Statement of Financial Position December 31 2017 Assets 2018 $48,800 $99,400 Cash Held for trading investments 123,000 112,500 Accounts receivable 41,900 79,500 Inventory 94,500 122,100 Prepaid expenses 18,500 28,200 Property, plant, and equipment 314,000 284,500 Accumulated depreciation (45,500) (53,800) $711,000 Total assets $556,600 Liabilities and Shareholders' Equity $97,000 $73,900 Accounts payable Accrued liabilities 11,600 7,700 Bank loan payable 127,400 180,500 Common shares 230,000 180,000 Retained earnings 245,000 114,500 Total liabilities and shareholders' equity $556,600 $711,000 SANDHILL, INC. Income Statement Year Ended December 31, 2018 $509,600 Sales 185,850 Cost of goods sold Gross profit 323,750 116,410 Operating expenses 207,340 Income from operations Other revenues and expenses $10,500 Unrealized gain on held for trading investments (4,700) Interest expense 5,800 Income before income tax 213,140
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  • Spring '16
  • Dr. Ross O'Brien

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