Mgmt 200 Assignment Soln 8-28-09

Mgmt 200 Assignment Soln 8-28-09 - Management 200...

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Krannert School of Management - Purdue University Solutions to class assignment for August 28, 2009 Problem 1-6: Income Statement and Balance Sheet 1. GREEN BAY CORPORATION INCOME STATEMENT FOR THE MONTH ENDED JULY 31, 2008 Revenues: Fishing revenue $21,300 Passenger service revenue 12,560 $33,860 Expenses: Rent $ 4,000 Salaries and wages 18,230 22,230 Net income $ 11,630 2. GREEN BAY CORPORATION BALANCE SHEET JULY 31, 2008 Assets Liabilities and Stockholders' Equity Cash $ 7,730 Notes payable $ 60,000 Accounts receivable 18,500 Capital stock 40,000 Boats 80,000 Retained earnings 6,230 * Total liabilities and Total assets $106,230 owners' equity $ 106,230 *Beginning retained earnings + net income – dividends: $0 + $11,630 – $5,400 3. To fully assess Green Bay's long-term viability, you would need the following information about the $60,000 note payable: When is it due? What is the interest rate?
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Mgmt 200 Assignment Soln 8-28-09 - Management 200...

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