Practice_Quiz_Financial_Statements

Practice_Quiz_Financial_Statements - Cash & Marketable...

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Finance 300 Dr. Denis Boudreaux SPRING 2010 Practice Quiz Boodro’s Oil Exploration Tools In 000’s 2007 Data Inventory $ 20,700 Accounts Payable 13, 200 Accrual 16, 500 Gross Fixed Assets (Plant and Equipment) 157,300 Accounts Receivable 24,700 Notes Payable 23,400 Long Term Debt 45,800 Accumulated Depreciation 29,100 Cash and Marketable Securities 16,500 Preferred Stock 20,000 Common Stock 35,500 Retained Earnings Dec. 31, 2007 35,700 2008 Data 1. Sales revenue in 2008 was $400,000. 2. Cost of goods sold was 70% of sales. 3. Operating expenses (excluding depreciation) was 20% of sales. 4. Interest expense was 7% on N/P and 9% on L-T Debt based on Dec. 31, 2007 balance. 5. Firm pays a 30% income tax. 6. Preferred stock dividend was $2,400. 7.
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Unformatted text preview: Cash & Marketable Securities for 2008 is the balancing item. 8. Accounts Receivable equals 10% of sales. 9. Inventory equals 12% of sales. 10. Firm acquired an additional $25,000 in Fixed Assets. 11. Depreciation Expense in 2008 was $15,000. 12. Accounts Payable equals 8% of sales. 13. The firm borrowed an additional $10,000 in Notes Payable. 14. Accruals increased by $1,500. 15. The firm paid off $5,000 in Long-Term Debt. 16. The firm issued an additional $10,000 in Common Stock. 17. Common Stock Dividend paid in 2008 was $3,000. Using the above data find: (1) Dec. 31, 2007 Balance Sheet (2) Dec. 31, 2008 Income Statement (3) Dec. 31, 2008 Balance Sheet...
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This note was uploaded on 05/19/2010 for the course FNAN 300 taught by Professor Boudreaux during the Spring '10 term at University of Louisiana at Lafayette.

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