Financial_Statement_Problem_2_Solution

Financial_Statement_Problem_2_Solution - Assets Current...

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Thurber, Inc. Income Statement For Year Ended 12/31/04 Admission Revenue $279,500 Operating Expenses Salaries Expense $109,000 Repair Expense $30,500 Advertising Expense $9,400 Utilities Expense $16,900 Insurance Expense $28,000 Supplies Expense $17,400 Depreciation Expense $6,800 Total Operating Expense $218,000 Operating Income $61,500 Interest Expense $(12,000) Income Before Income Taxes $49,500 Income Tax Expense $(21,000) Net Income $28,500 Thurber, Inc. Statement of Retained Earnings For Year Ended 12/31/04 Balance, Retained Earnings, 1/1/2004 $59,700 Net Income $28,500 Available for Dividends $88,200 Dividends $(14,000) Balance, Retained Earnings, 12/31/2004 $74,200 Thurber, Inc. Statement of Financial Position For Year Ended 12/31/04
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Unformatted text preview: Assets Current Assets Cash $37,400 Supplies $1,200 Prepaid Insurance $3,900 Total Current Assets $42,500 Long Term Assets Land $70,000 Equipment $120,000 Accumulated Depreciation $(43,000) Net Equipment $77,000 Total Long Term Assets $147,000 Total Assets $189,500 Liabilities & Owners' Equity Liabilities Current Liabilities Accounts Payable $14,600 Interest Payable $6,000 Income Tax Payable $3,000 Advances from Customers $1,700 Total Current Liabilities $25,300 Note Payable (Long Term) $40,000 Total Liabilities $65,300 Owners' Equity Common Stock $50,000 Retained Earnings $74,200 Total Owners' Equity $124,200 Total Liabilities & Owners' Equity $189,500...
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This note was uploaded on 09/20/2011 for the course ACCT 301 taught by Professor Staff during the Spring '11 term at S.F. State.

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