Dariko_Inc._2007 - $ 300,000 $ 171,000 $471,000 Dariko Inc...

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Dariko, Inc. Income Statement For the Year Ended December 31, 2007 Sales $ 825,000 Cost of Goods Sold 500,000 Gross Margin 325,000 Operating Expenses Salary Expense $ 100,000 Rent Expense 75,000 Utilities Expense 40,000 Depreciation Expense 28,000 Advertising Expense 19,000 Total Operating Expenses 262,000 Operating Income 63,000 Interest Expense < 5,000> Taxable Income 58,000 Tax Expense 18,000 Net Income $ 40,000 Earnings Per Share $ 44.44
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Dariko, Inc. Statement of Owners’ Equity For the Year Ended December 31, 2007 Common Retained Stock_ Earnings Totals Beginning Balance, December 31, 2006 $ 240,000 $ 141,000 $ 381,000 Common Stock Issued 60,000 60,000 Net Income 40,000 40,000 Less: Dividends Declared _______ < 10,000> <10,000> Ending Balance, December 31, 2007
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Unformatted text preview: $ 300,000 $ 171,000 $471,000 Dariko, Inc. Balance Sheet December 31, 2007 Assets Liabilities Current Assets Current Liabilities Cash $106,000 Accounts Payable $ 200,000 Accounts Receivable 80,000 Salaries Payable 60,000 Inventory 120,000 Taxes Payable 9,000 Total Current Assets 306,000 Total Current Liabilities 269,000 Fixed Assets Long-Term Debt Building $ 300,000 Notes Payable 10,000 Equipment 140,000 Total Liabilities 279,000 Subtotal 440,000 Less: Accumulated Owners’ Equity Depreciation <46,000 > Common Stock $ 300,000 Retained Earnings 171,000 Net Fixed Assets 394,000 Total Owners’ Equity 471,000 Other Assets Patent 50,000 Total Liabilities & Total Assets $ 750,000 Owners’ Equity $ 750,000...
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Dariko_Inc._2007 - $ 300,000 $ 171,000 $471,000 Dariko Inc...

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