p14-3b - Name: Date: Instructor: Course: Managerial...

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FileName: fa6edbe3fa42e8d57c447d70d01d1d645b86680f.xls, Tab: Problem P14-3B, Page 1 of 2, 12/28/2011, 19:03:42 Name: Date: Instructor: Course: CLICK AND CLACK CORPORATION Balance Sheets December 31 Assets 2005 2004 2003 Current assets Cash $40,000 $20,000 $18,000 Accounts receivable (net) 50,000 45,000 48,000 Other current assets 90,000 85,000 64,000 Investments 55,000 70,000 45,000 Plant and equipment (net) 500,000 370,000 258,000 Total assets $735,000 $590,000 $433,000 Current liabilities $85,000 $80,000 $30,000 Long-term debt 165,000 85,000 20,000 Common stock, ($10 par) 340,000 300,000 300,000 Retained earnings 145,000 125,000 83,000 Total liabilities and stockholders' equity $735,000 $590,000 $433,000 CLICK AND CLACK CORPORATION Income Statements For the Years Ended December 31 2005 2004 Sales $640,000 $500,000 Less: Sales returns and allowances $40,000 $50,000 Net sales 600,000 450,000 Cost of goods sold 425,000 300,000 Gross profit 175,000 150,000 Operating expenses (including income taxes) 121,000 88,000 Net income 54,000 62,000 Additional information: 1. The market price of Click and Clack's common stock was $4.00 $6.00 and $7.95 for 2003, 2004, and 2005, respectively. 2. You must compute the dividends paid. All dividends were paid in cash.
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p14-3b - Name: Date: Instructor: Course: Managerial...

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