Final Review SCF

Final Review SCF - Final Review: SCF Presented below are...

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Final Review: SCF Presented below are the comparative statements of financial position for Atlanta, Inc. as of December 31, 2009 and 2010, together with selected information from the income statement for the year ended December 31, 2010: Atlanta, Inc. Statements of Financial Position December 31, 2010 2009 Cash $ 176,000 $ 153,000 Receivables 145,000 117,000 Inventory 177,000 207,000 Property plant and equipment 1,440,000 1,174,000 Accumulated depreciation (450,000 ) (325,000 ) Total Assets $1,488,000 $1,326,000 Accounts payable $ 157,000 $ 168,000 Accrued liabilities 60,000 42,000 Note payable 40,000 Mortgage payable 450,000 Common stock 1,145,000 600,000 Retained earnings 86,000 66,000 Total Liabilities and Stockholders’ Equity $1,488,000 $1,326,000 Income Statement for 2010 Sales $1,980,000 Cost of sales 989,000 Gross profit 991,000 Selling, general and administrative expenses 782,000 Income before income taxes 209,000 Income tax expense 74,000 Net income $ 135,000 Additional information:
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Final Review SCF - Final Review: SCF Presented below are...

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