ORIE 4150 Homework 1 2012 - ORIE 4150/5150 Homework #1 Due...

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ORIE 4150/5150 Homework #1 Due February 3, 2012 1. Griffin Industries, a start up company in the biotech laboratory support industry, makes custom designed ovens, sterilizers, and process equipment for research and development. The company had the following financial information from last year (2010) Sales Revenue $2,600,000 Cost of Goods Sold $1,400,000 Salaries Expense $ 540,000 Rent Expense $ 310,000 Utilities and Misc. Expenses $ 120,000 Depreciation Expense $ 270,000 Purchase of Machines $ 300,000 Purchase of Computers/IT Equip. $ 80,000 Amount of Cash Borrowed (Bank) $ 220,000 Amount of Stock Sold (Investors) $1,600,000 a. What was the company’s Net Income for 2010? b. Griffin Industries started the year with $200,000 in cash. How much did they have at the end of the year? Inventory, accounts payable, and accounts receivable accounts did not change during the year. 2. Springwater Technologies Inc. takes out a $800,000 loan to purchase a new powder painting system for painting metal frames for its water filter assemblies. The loan will be
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This note was uploaded on 03/08/2012 for the course ORIE 4150 taught by Professor Callister during the Spring '09 term at Cornell University (Engineering School).

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ORIE 4150 Homework 1 2012 - ORIE 4150/5150 Homework #1 Due...

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