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Accounting Quiz BS&IS - Total Liabilities and S.E...

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QUESTION 3 DEF Corporation Balance Sheet as of December 31, 2006 Assets Liabilities and Shareholder's Equity Current Assets Current Liabilities Cash 242,500 Accts. Pay. 100,000 Mkt. Sec. 1,112,000 Taxes Pay. 550,000 Accts. Rec. 506,000 6 points Interst Pay. 50,000 5 points notes Rec. 122,000 Notes Pay. 65,000 Inventories 1,986,000 wages Pay. 1,400,000 Prepaid expenses 131,000 Total Current Liabilities 2,165,000 Total current Assets: 4,099,500 Long-term Assets Long-term Liabilities Land 1,480,000 4 points Bonds payable 950,000 2 points Buildings 10,000,000 Notes payable 7,450,000 Less Acc. Depn. 3,000,000 7,000,000 Total Long-term Liabilities 8,400,000 Equipment 2,000,000 Less Acc. Depn. 600,000 1,400,000 Shareholder's Equity Total Long-term Assets: 9,880,000 Common Stock 5,005,000 2 points Retained Earnin 249,000 Other Assets 1 point Total Shareholder's equity 5,254,000 Investments 1,499,500 Goodwill 340,000 Total Other Assets 1,839,500 Total Assets 15,819,000
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Unformatted text preview: Total Liabilities and S.E. 15,819,000 QUESTION 4 Income Statement XYZ Corporation for the year ended December 31, 2006 Gross Sales 20,000,000 Less Returns 1,000,000 Net sales 19,000,000 2 points Less C.O.G.S Beginning Inventory 1,475,000 Purchases 400,000 Total Goods on Hand 1,875,000 Less Ending Inventory 300,000 Total Cost of Goods Sold 1,575,000 4 points Gross Profit 17,425,000 2 points Operating Expenses: General and Admin. Salaries 5,000,000 Rent 180,000 Lease 220,000 Total General and Admin. 5,400,000 3 points Selling expenses: Advertising 220,000 Delivery 15,000 Commissions 1,400,000 Total Selling 1,635,000 3 points Total Operating Expenses 7,035,000 Other Income 700,000 Other Expenses 300,000 Net Income before taxes 10,790,000 2points Tax 35% 3776500 2points Net Income 7,013,500 2points...
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