HW2.xlsx - Balance Sheet Current Assets Cash Accounts...

This preview shows page 1 - 11 out of 38 pages.

Balance Sheet Current Assets Cash $ 7,200.00 Accounts Receivable Supplies Total Current Assets $ 7,200.00 Plant and euipment net fixed assets ### Accumulated Depreciation (nagative number) total Assets $ 32,600.00 Income Statement Net Sales $ 665,000.00 Costs of good sold $ 327,000.00 Gross Profit $ 338,000.00 % Depreciation $ 71,000.00 $ Earning before interest and taxes $ 267,000.00 interest paid $ 45,500.00 taxable income $ 221,500.00 income taxes $ 50,945.00 net income $ 170,555.00 Retained Earnings Beginning Balance 468,090 Net income 384910 Dividands 375910 459,090
Current Liabilities Accounts Payable 6,350 Total Current Liabilities 6,350 Long-term Debt ### Owners Equity Common Stock Retained Earnings Total 0 Total Liabilities and owners equity 21,450 Tax by % 23 $ 50,945.00 Tax rate: 23.00%
Balance Sheet Current Assets Cash $ 7,200.00 Accounts Receivable Merchandise Inventory Supplies Total Current Assets $ 7,200.00 Plant and euipment net fixed assets $ 25,400.00 Equipment Accumulated Depreciation (nagative number) total Assets $ 32,600.00
Current Liabilities Accounts Payable 6,350 Other Accrued liabilities short-term debt Total Current Liabilities 6,350 Long-term Debt 15,100 Owners Equity Common Stock Retained Earnings Total 0 Share holders EQ $ 11,150.00 Total Liabilities and owners 21,450 NWC $ 850.00
current assets-current liabilities
Income Statement Net Sales $ 665,000.00 Costs of good sold $ 327,000.00 Tax by % Gross Profit $ 338,000.00 % 23 Depreciation $ 71,000.00 $ $ 50,945.00 Earning before interest and taxes $ 267,000.00 interest paid $ 45,500.00 taxable income $ 221,500.00 Tax rate: income taxes $ 50,945.00 23.00% net income $ 170,555.00 Dividends 47000 additions to retaind earnings $ 123,555.00
Griffin's Goat Farm, Inc., has sales of $ $52,000, a tax rate of 21 percent, and 118580 Griffin's Goat Farm, Inc., has sales of $ $45,500, a tax rate of 23 percent, and
$678,000, costs of $340,000, depreciation expense of $84,000, interest expense o d paid out $41,000 in cash dividends. $665,000, costs of $327,000, depreciation expense of $71,000, interest expense o d paid out $47,000 in cash dividends.123555
of of
Income Statement Net Sales $ 681,000.00 Costs of good sold $ 343,000.00 Tax by % Gross Profit $ 338,000.00 % 24 Depreciation $ 87,000.00 $ $ 47,400.00 Earning before interest and taxes $ 251,000.00 interest paid $ 53,500.00 taxable income $ 197,500.00 Tax rate: income taxes $ 47,400.00 24.00% net income $ 150,100.00 Dividends 39500 additions to retaind earnings $ 110,600.00 Common Stock outstanding 30000 Earnings per Share $ 5.00 Dividends per Share 1.31666666667

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture