ACC 400 FINAL EXAM - ACC 400 FINAL EXAM The condensed...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
ACC 400 FINAL EXAM The condensed financial statements of Westward Corporation for 2009 and 2008 are presented below. Westward Corporation Westward Corporation Balance Sheet Income Statement December 31, 2009 For the Year Ended December 31, 2009 Assets Revenues $2,000,000 Current assets Expenses Cash and temporary Cost of goods sold 1,080,000 investments $ 30,000 Selling and administrative Accounts receivable 70,000 Expenses 495,000 Inventories 120,000 Interest expense 30,000 Total current assets 220,000 Total expenses 1,605,000 Property, plant, and Income before income taxes 395,000 equipment (net) 780,000 Income tax expense 140,000 Total assets $1,000,000 Net income $ 255,000 Liabilities and Stockholders' Equity Current liabilities $ 80,000 Long-term liabilities 300,000 Common stockholders' equity 620,000 Total liabilities and stockholders' equity $1,000,000 Westward Corporation Westward Corporation Balance Sheet Income Statement December 31, 2008 For the Year Ended December 31, 2008 Assets Revenues
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

ACC 400 FINAL EXAM - ACC 400 FINAL EXAM The condensed...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online