HW 5 - 430,975 306,000 As of Dec 31 st, Req 1 SMB...

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Req 1 SMB Corporation Balance Sheet 2010 2009 Assets: Current Assets Cash 41,325 50,550 Accounts Receivable 35,500 25,000 Inventories 31,650 25,450 Supplies 5,500 3,000 Prepaid Insurance 7,000 7,000 Total Current Assets 120,975 111,000 Property, Land and Equipment 400,000 250,000 Less: Accumulated Depreciation 90,000 55,000 Property, Land and Equipment, net 310,000 195,000 Total Assets 430,975 306,000 Liabilities and Stockholder's Equity Current Liabilities Accounts Payable 27,250 15,000 Unearned Revenue 16,750 8,500 Interest Payable 11,500 4,750 Income Tax Payable 11,900 11,325 Total Current Liabilities 67,400 39,575 Note Payable (Long Term) 125,050 50,000 Total Liabilities 192,450 89,575 Stockholder's Equity Contributed Capital 180,000 180,000 Retained Earnings 58,525 36,425 Total Stockholder's Equity 238,525 216,425 Total Liabilities and Stockholder's Equity
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Unformatted text preview: 430,975 306,000 As of Dec 31 st, Req 1 SMB Corporation Income Statement 2010 2009 Sales Revenue 345,000 280,000 Cost of Goods Sold 185,000 150,000 Gross Profit 160,000 130,000 Wages Expense 60,000 50,000 Rent Expense 9,000 8,500 Insurance Expense 5,000 4,000 Depreciation Expense 35,000 19,500 Other Operating Expenses 5,500 5,500 Total Operating Expenses 114,500 87,500 Net Operating Income 45,500 42,500 Interest Expense 11,500 4,750 Net Income before Income Tax 34,000 37,750 Income Tax Expense 11,900 11,325 Net Income 22,100 26,425 [NOT REQUIRED TO SHOW] Beginning Retained Earnings 36,425 10,000 Net Income 22,100 26,425 Ending Retained Earnings 58,525 36,425 Year Ending Dec 31 st Req 3 2010 2009 Debt to Asset = Asset Turnover = Net Profit Margin =...
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This note was uploaded on 12/14/2011 for the course ACC 201 taught by Professor Bokmier during the Fall '10 term at Michigan State University.

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HW 5 - 430,975 306,000 As of Dec 31 st, Req 1 SMB...

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