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Copy of Chapter_10co - CM Corporation Balance Sheet Assets Current assets Cash and cash equivalents Accounts receivable Allowance for doubtful

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CM Corporation Balance Sheet December 31, 2008 Assets % Current assets Cash and cash equivalents $120,670 Accounts receivable 576,454 Allowance for doubtful accounts (84,975) Inventory 847,460 Prepaid expenses 18,841 Other current assets 4,612 Total current assets 1,483,062 0.65 Property, plant and equipment 1,100,105 Accumulated depreciation (591,965) Net fixed assets 508,140 0.22 Other Assets Investments 100,150 Goodwill 87,740 Other intangible assets 108,700 296,590 0.13 Total assets $2,287,792 1.00 Liabilities and Stockholders' Equity Current liabilities Accounts payable $315,395 Dividends payable 48,000 Unearned revenue 73,500 Accrued liabilities 408,303 Total current liabilities 845,198 0.37 Long-term liabilities 278,525 0.12 Stockholders' equity Contributed capital Common stock, $2 par value (4,000,000 shares authorized),460,000 shares issued of which 440,000 shares are outstanding 920,000
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Paid-in capital common stock 105,000 Total contributed capital 1,025,000 Accumulated other comprehensive income 0 Retained earnings 539,069 Less common stock in treasury, at cost (400,000) Total stockholders' equity 1,164,069 0.51 Total liabilities and stockholders' equity $2,287,792 1.00
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CM Corporation Income Statement For the Years Ended 2008 % Revenue Net product sales revenue $8,984,852 Service revenue 975,860 Total revenue 9,960,712 1.00 Cost of goods sold Products 5,356,018 Services 445,637 Total cost of goods sold 5,801,655 Gross profit 4,159,057 0.42 Operating expenses Advertising 123,869 Bad debt expense 28,640 Depreciation and amortization 125,500 Dues and subscriptions 19,730 Equipment expenses 64,781 Insurance 90,144 Legal and accounting fees 87,650 Miscellaneous 12,010 Office expense 214,138 Payroll taxes 131,170 Property taxes 93,400 Repair and maintenance 37,543 Research and development 278,000 Telephone 21,085 Travel and entertainment 60,402 Utilities 37,876 Wages - Employees 954,688 Wages - Officers 650,000 Total operating expenses 3,030,626 0.30 Income (loss) from operations 1,128,431 0.11 Other income and (expense) Interest expense (27,800) Gain (loss) on disposal of assets (26,950) Investment income 9,230 Total other income (expense) (45,520)
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Income (loss) before income taxes 1,082,911 0.11 Income tax (expense) benefit (379,019) Net income (loss) $703,892 0.07
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CM Corporation Statement of Cash Flows ( Indirect Method ) For the Years Ended 2008 Cash flows from operating activities Net income (loss) $703,892 Adjustments to reconcile net income to Net cash provided from operating activities Depreciation and amortization 125,500
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This note was uploaded on 11/29/2010 for the course ACC 331 taught by Professor Dr.lee during the Fall '10 term at Jefferson College.

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Copy of Chapter_10co - CM Corporation Balance Sheet Assets Current assets Cash and cash equivalents Accounts receivable Allowance for doubtful

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