P14-2a - Name Date Instructor Course Managerial Accounting 3rd Edition by Weygandt Kieso and Kimmel Solving Managerial Accounting Problems Using

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FileName: a8248709152af4657ecb4b4094b6894cbc8314c6.xls, Tab: Problem P14-2A, Page 1 of 2, 12/28/2011, 19:03:37 Name: Date: Instructor: Course: CLASSIC ROCK COMPANY Income Statements For the Years Ended December 31 2005 2004 Net sales $780,000 $624,000 Cost of goods sold 440,000 405,600 Gross profit 340,000 218,400 Selling and administrative expense 143,880 149,760 Income from operations 196,120 68,640 Other expenses and losses Interest expense 9,920 7,200 Income before income taxes 186,200 61,440 Income tax expense 69,000 24,000 Net income $117,200 $37,440 CLASSIC ROCK COMPANY Balance Sheets December 31 Assets 2005 2004 Current assets Cash $23,100 $21,600 Short-term investments 34,800 33,000 Accounts receivable (net) 106,200 93,800 Inventory 116,400 64,000 Total current assets 280,500 212,400 Plant assets (net) 455,300 459,600 Total assets $735,800 $672,000 Liabilities and Stockholders' Equity Current liabilities Accounts payable $168,200 $132,000 Income taxes payable 25,300 24,000 Total current liabilities 193,500 156,000 Bonds payable 132,000 120,000 Total liabilities 325,500 276,000 Stockholders' equity Common stock, ($10 par) 140,000 150,000 Retained earnings 270,300 246,000 Total stockholders' equity 410,300 396,000 Total liabilities and stockholders' equity
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This note was uploaded on 12/28/2011 for the course ACCT 221 taught by Professor Leonarda.bacon during the Winter '07 term at CSU Bakersfield.

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P14-2a - Name Date Instructor Course Managerial Accounting 3rd Edition by Weygandt Kieso and Kimmel Solving Managerial Accounting Problems Using

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