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CH2 - 1 Arredondo Inc Balance Sheet September 3 2011 Assets...

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Unformatted text preview: 1. Arredondo Inc Balance Sheet September 3, 2011 Assets: Current Assets.............$2,170 Fixed Assets..................9,300 Total Assets...............$11,470 Liabilities & Owners’ Equity: Current Liabilities...................$1,350 Long Term Debt........................3,980 Owners Equity..................................? Total Liabilities & Equity......$11,470 Shareholders equity = Assets – Liabilities Shareholders equity = $11,470 – ($1,350 + $3,980) Shareholders equity = $11,470 – $5330 Shareholders equity = $6,140 Net Working Capital = Current Assets – Current Liabilities Net Working Capital = $2,170 - $1,350 Net Working Capital = $820 2. Lifeline Inc Income Statement Year End December 31, 2011 Sales: ..............................................................................................$585,000 Cost of goods sold.............................................................................273,000 Depreciation........................................................................................71,000 Earnings before interest and taxes..................................................$241,000 Interest paid.........................................................................................38,000 Taxable income...............................................................................$203,000 Taxes ($203,000 * .35)........................................................................71,050Taxes ($203,000 * ....
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CH2 - 1 Arredondo Inc Balance Sheet September 3 2011 Assets...

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