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Unformatted text preview: Accounts payable 125,000 Current liabilities 125,000 Long-term debt 750,000 Common stock 15,000 Retained Earnings 430,000 Equity 445,000 Total liabilities & stockholders equity 1,320,000 XYZ, INC. INCOME STATEMENT FOR THE YEAR ENDED 12/31/04 Sales 2,500,000 Cost of goods sold 2,125,000 Gross Profit 375,000 Selling & administrative expense 170,000 Interest expense 15,000 Net income 190,000 NOTE- TO CLOSE-OUT NET INCOME TO RETAINED EARNINGS: Retained earnings b4 close (from facts) 240,000 Add: Net income 190,000 430,000...
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- Fall '07
- Balance Sheet, Net Income, Long-term Debt, Generally Accepted Accounting Principles, Administrative Expense