Financial_Statement_Problem_1_Solution

Financial_Statement_Problem_1_Solution - $4,723,814 Total...

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Thurber, Inc. Statement of Financial Position As of 12/31/2004 Assets Current Assets Cash $121,302 Accounts Receivable $2,506,044 Supplies $269,269 Prepayments $17,040 Total Current Assets $2,913,655 Long Term Assets Land $6,021,526 Buildings $8,897,199 Equipment $2,637,350 Less; Accumulated Depreciation $(8,311,941) $9,244,134 Intangible Assets $1,082,223 Total Long Term Assets $10,326,357 Total Assets $13,240,012 Liabilities and Stockholders' Equity Liabilities Current Liabilities Accounts Payable $1,255,298 Salaries Payable $699,906 Taxes Payable $221,392 Total Current Liabilities $2,176,596 Long Term Liabilities Notes Payable $455,591 Bonds Payable $4,807,405 Total Long Term Liabilities $5,262,996 Total Liabilities $7,439,592 Stockholders's Equity Common Stock $1,076,606 Retained Earnings
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Unformatted text preview: $4,723,814 Total Stockholders's Equity $5,800,420 Total Liabilities and Stockholders' Equity $13,240,012 Thurber, Inc. Income Statement For Year Ended 12/31/2004 Service Revenue $19,629,040 Operating Expenses Salaries and Employee Benefits $9,406,154 Rent $1,650,048 Depreciation $2,988,801 Maintenance $2,841,625 Total Operating Expenses $16,886,628 Operating Income $2,742,412 Other Income (Expense) Interest Expense $(979,078) Loss on Disposal of Equipment $(835,761) Total Other Items $(1,814,839) Income Before Taxes $927,573 Income Taxes $343,202 Net Income $584,371 Thurber, Inc. Statement of Retained Earnings For Year Ended 12/31/2004 Beginning Balance $4,339,443 Net Income $584,371 Available for Dividends $4,923,814 (Dividends) $(200,000) Ending Balance $4,723,814...
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Financial_Statement_Problem_1_Solution - $4,723,814 Total...

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