157_71098_practice_exam_2b - 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 500,000 Gross Margin 500,000 Operating Expenses Wage Expense $210,000 Depreciation Expense 10,000 Rent Expense 36,000 Office Expense 26,000 Bad Debt Expense 10,000 Total Operating Expenses 292,000 208,000 Interest Expense (8,000) (8,000) Income Before Taxes 200,000 Tax Expense 60,000 Net Income $140,000 Earnings Per Share $1.87 ($140,000/((50,000*3/12)+(70,000*6/12)+(110,000*3/12))
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Bella Corporation Balance Sheet December 31, 2005 Assets Liabilities Current Assets Current Liabilities Cash $45,000 Accounts Payable $64,000 Accounts Receivable $75,000 Wages Payable 6,000 Less: Allowance for Doubtful Accounts (10,000) Net Accounts Receivable 65,000 Current Maturities of Inventory 70,000 Long-Term Debt 20,000 Total Current Assets 180,000 Total Current Liabilities 90,000 Fixed Assets Long-Term Debt Equipment 250,000 Note Payable
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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_71098_practice_exam_2b - Bella Corporation Income...

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