HW_#9 Page 99 - 9-1Page 1Problem 9-1Cost = 16000010% Down5...

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Unformatted text preview: 9-1Page 1Problem 9-1Cost = 16000010% Down5 Equal Annual Payments include interest at 10%Payments begin in 1 yearPV = 144000i/y = 10N=5cpt pmt = 37986.84AppliedBeginning BalancePaymentInterestPrincipalPrincipal Amount16000016000016000144000137986.841440023586.84120413.16237986.8412041.3225945.5294467.64337986.849446.7628540.0865927.56437986.846592.7631394.0834533.48537986.843453.3534533.49-0.022ND CLR TVM9-2Page 2Problem 9-2Fred's Fine Lingerie and Harley Shoppe, Inc.Income StatementFor the Year Ended Dec 31, 20x9Sales200000Cost of Goods Sold-80000Gross Margin120000Operating ExpensesSalary Expense20000Rent Expense24000Depreciation Expense10000Total Operating Expenses54000Operating Income66000Other Revenue and ExpensesInterest Expense10000Total Other Revenue and Expenses10000Income Before Taxes56000Tax Expense16800Net Income39200Earnings Per ShareBeginning Shares: 1000010000X 6/125000June 30 + 1000020000X3/125000Sept 20 + 500025000X3/1262503920016250EPS=2.419-2Page 3Fred's Fine Lingerie and Harley Shoppe, Inc.Assets=LiabilitiesCashAccounts PayableBB10,000 40,000 0 0 0 0 0 0 0 0 0 40,000 0 0 53,000 0 0 0 0 Wages Payable0 0 10,000 0 0 0 0 0 10,000 10,000 0 2,000 20,000 Taxes Payable0 Accounts Receivable8,400 BB40,000 0 0 0 40,000 0 Note Payable60,000 0 100,00075,000 InventoryBB36,000 0 0 0 36,000 0 23,000 EquipmentBB180,000 0 0 190,000 BBAccumulatedDepreciation-Vehicles50,000 BB0 50,000 60000BB0 Accumulated Depreciation-BBSecurity DepositBB10,000 50009-2Page 4Fred's Fine Lingerie and Harley Shoppe, Inc.Statement of Owners' EquityFor the Year Ended December 31, 20x9TotalBeginning Balance, 12/31/x8$10,000 $66,000 $76,000 Issuance of Stock15,000 15,000 Net Earnings for the Year39,200 39,200 Dividends Declared(30,600)(30,600)Ending Balance, 12/31/x9$25,000 $74,600 $99,600 Bobcat, Inc.Balance SheetDecember 31, 20x9Assets LiabilitiesCurrent AssetsCurrent LiabilitiesCash$20,000 Accounts Payable$53,000 Accounts Receivable60,000 Wages Payable2,000 Inventory23,000 Taxes Payable8,400 Total Current Assets103,000 Total Current Liabilities63,400 Fixed AssetsEquipment$190,000 Long-Term DebtNote Payable75,000...
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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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HW_#9 Page 99 - 9-1Page 1Problem 9-1Cost = 16000010% Down5...

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