Accounting Week 11 - WHITCOMB CORPORATION Balance Sheet...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
WHITCOMB CORPORATION Balance Sheet December 31 2007 2006 2005 Cash $30,000.00 $24,000.00 $20,000.00 Receivables (net) 110,000 48,000 48,000 Other current assets 80,000 78,000 62,000 Investments 90,000 70,000 50,000 Plant and equipment (net) 603,000 400,000 360,000 $913,000 $620,000 $540,000 Current liabilities $98,000 $75,000 $70,000 Long-term debt 230,000 75,000 65,000 Common stock, $10 par 400,000 340,000 300,000 Retained Earnings 185,000 130,000 105,000 $913,000 $620,000 $540,000 WHITCOMB CORPORATION Income Statement For the Year Ended December 31 2007 2006 Sales $800,000 $750,000 Less: Sales returns and allowances 40,000 50,000 Net sales 760,000 700,000 Cost of goods sold 420,000 400,000 Gross profit 340,000 300,000 Operating expenses (including income taxes) 200,000 215,000 Net income $140,000 $85,000 Additional information: 1. The market price of Legal's common stock was: $5.00 for 2005 $3.50 for 2006 $2.30 for 2007 2. All dividends were paid in cash. Instructions:
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 12/09/2011 for the course ECON 191 taught by Professor Henry during the Spring '11 term at Chemnitz University of Technology.

Ask a homework question - tutors are online