ORIE 3150 class notes October 22 2009

ORIE 3150 class notes October 22 2009 - Balance Sheet June...

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ORIE 3150 Cash Flows Max's Snowboard Emporium Income Statement for Fiscal Year ended June 30, 2000 Revenues 250,000 Cost of Goods sold (120,000) Depreciation Expense (25,000) Salaries Expense (40,000) Interest Expense (10,000) Gain on sale of equipment 10,000 Net Income 65,000 Notes: 1. Machinery with an original cost of $50,000 and accumulated depreciation of $30,000 was sold for $30,000. 2. Common stock initially issued for $30,000 was acquired for $35,000 and retired. The $5000 difference was debited to retained earnings. 3. Dividends declared and paid during FY 2000 totaled $35,000.
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Max's Snowboard Emporium
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Unformatted text preview: Balance Sheet June 30, 2000 FY ended FY ended 06/30/199 9 06/30/2000 Assets Cash 50,000 90,000 Accounts Receivable 70,000 60,000 Inventories 100,000 75,000 Plant and Equipment 200,000 190,000 Less: Accumulated Depreciation (40,000) (35,000) Land 30,000 38,000 Total 410,000 418,000 Liabilities and Stockholder's Equity Accounts Payable 70,000 80,000 Salaries Payable 10,000 15,000 Bonds payable (inc. amort)* 110,000 108,000 Common Stock 120,000 90,000 Retained Earnings 100,000 125,000 Total 410,000 418,000 * bond is $100,000 face value, 12% interest...
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This note was uploaded on 10/07/2010 for the course ORIE 3150 taught by Professor Callister during the Fall '08 term at Cornell.

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ORIE 3150 class notes October 22 2009 - Balance Sheet June...

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