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Spreadsheet-ch02 - 190 Property Plant& Equipment 199...

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Solution Part 1 Page 1 HANDYMAN Chapter 2, Part 1 Year 2006 BALANCE SHEET -------- Assets Cash 10 Receivables 27 Inventory 153 Total Current Assets 190 Property, Plant, & Equipment 199 Accumulated Depreciation -9 Total Assets 380 Liabilities Accounts Payable 74 Short-term Loans Payable 10 Total Current Liabilities 84 Long-term Debt 207 Total Liabilities 291 Stockholders' Equity Paid in Capital 50 Retained Earnings (as of 12/31/06) 39 Total Liab. and Equities 380 Retained Earnings (as of 1/1/06) 31 + Net Income 8 - Dividends 0 Retained Earnings (as of 12/31/06) 39 INCOME STATEMENT Sales 700 Cost of Goods Sold 519 Gross Profit 181 Other Operating Expenses 160 Operating Income 21 Interest Expense 9 Income Before Taxes 12 Income Tax Expense 4 Net Income 8
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Solution Part 2 Page 2 HANDYMAN Chapter 2, Part 2 Year 2006 BALANCE SHEET -------- Assets Cash 10 Receivables 27 Inventory 153 Total Current Assets
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Unformatted text preview: 190 Property, Plant, & Equipment 199 Accumulated Depreciation-9 Total Assets 380 Liabilities Accounts Payable 74 Short-term Loans Payable 16 Increase from $10 to $16 to balance. Total Current Liabilities 90 Long-term Debt 207 Total Liabilities 297 Stockholders' Equity Paid in Capital 50 Retained Earnings (as of 12/31/06) 33 Total Liab. and Equities 380 Retained Earnings (as of 1/1/06) 31 + Net Income 2- Dividends Retained Earnings (as of 12/31/06) 33 INCOME STATEMENT Sales 730 Increase from $700 to $730. Cost of Goods Sold 550 Increase from $519 to $550. Gross Profit 180 Other Operating Expenses 165 Increase from $160 to $165. Operating Income 15 Interest Expense 9 Income Before Taxes 6 Income Tax Expense 4 Net Income 2...
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