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Unformatted text preview: 2-1A.Belmond, Inc.Balance SheetDecember 31, 2003ASSETSCurrent assetsCash$ 16,550 Accounts receivable9,600 Inventory6,500Total current assets$ 32,650 Gross buildings & equipment$122,000 Accumulated depreciation(34,000)Net buildings & equipment$ 88,000 Total assets$120,650LIABILITIES AND EQUITYLiabilitiesCurrent LiabilitiesNotes payable$ 600 Accounts payable4,800Total current liabilities$ 5,400 Long-term debt55,000Total liabilities$ 60,400 EquityCommon stock$ 45,000 Retained earnings15,250Total equity$ 60,250Total liabilities and equity$120,650Belmond, Inc.Income StatementFor the Year Ended December 31, 2003Sales$ 12,800 Cost of goods sold5,750Gross profits$ 7,050 General & admin expense$ 850 Depreciation expense500Total operating expense$ 1,350Operating income (EBIT)$ 5,700 Interest expense900Earnings before taxes$ 4,800 Taxes1,440Net income$ 3,3602-3A.Delaney, Inc. - Corporate Income TaxSales$4,000,000Cost of goods sold and cash operating expenses2,400,000Depreciation expense100,000Operating profit...
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This note was uploaded on 07/06/2011 for the course ECON 104 taught by Professor Ismailov during the Spring '11 term at London College of Accountancy.
- Spring '11