157_70950_practice_exam_2a

157_70950_practice_exam_2a - Bella Corporation Income...

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Bella Corporation Income Statement For the Year Ended December 31, 2005 Sales $1,000,000 Cost of Goods Sold 600,000 Gross Margin 400,000 Operating Expenses Wage Expense $223,000 Depreciation Expense 5,000 Rent Expense 48,000 Office Expense 19,000 Total Operating Expenses 295,000 105,000 Interest Revenue 5,000 Interest Expense (10,000) (5,000) Income Before Taxes 100,000 Tax Expense 20,000 Net Income $80,000 Earnings Per Share $0.89 ($80,000/((50,000*3/12)+(100,000*6/12)+(110,000*36/12))
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Bella Corporation Balance Sheet December 31, 2005 Assets Liabilities Current Assets Current Liabilities Cash $20,000 Accounts Payable $40,000 Accounts Receivable $50,000 Wages Payable 15,000 Less: Allowance for Taxes Payable 10,000 Doubtful Accounts 0 Net Accounts Receivable 50,000 Current Maturities of Inventory 50,000 Long-Term Debt 10,000 Total Current Assets 120,000 Total Current Liabilities 75,000 Fixed Assets Long-Term Debt Equipment 250,000
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This note was uploaded on 09/12/2010 for the course ACCT 101 taught by Professor Drkirch during the Spring '10 term at Ohio University- Athens.

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157_70950_practice_exam_2a - Bella Corporation Income...

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