Common Stock, Total $0.68
Dividends $132.00
Other Expense $378.00
Trading Securities$395.00
Sales Tax Payable$582.00
Purchase Discounts$826.00
General Expense $982.00
Rent Revenue $1,001.00
Purchase Returns & Allowances$1,200.00
Accounts Payable$1,715.00
Interest Payable (Current)$1,900.00
Estimated Warranty Liability$1,949.00
Deferred Income Tax$1,971.00
Unearned Revenue$2,000.00
Capital Lease Obligation$2,245.00
Allowance for Doubtful Accounts$2,400.00
Prepaid Expenses$2,560.00
Notes Payable - Maturity 2018$2,992.00
Operating Activities - Net CashInflow $3,000.00
Held to Maturity Investments$3,079.00
Accrued Wage & Salary$3,100.00
Other Long Term Assets$3,280.00
Income Taxes Payable$3,550.00
Financing Activities - Net CashOutflow $4,000.00
Inventory $4,200.00
Bond Payable (Maturity 2020)$4,562.00
Sales Returns $4,600.00
Intangibles, Net$4,607.00
Administrative Expense$5,000.00
Investing Activities - Net CashInflow $6,000.00
Selling Expense$8,000.00
Accumulated Depreciation, Total$8,863.00
Research & Development$9,832.00
Accounts Receivable$13,249.00
Total Current Liabilities(12/31/15) $15,230.00
Goodwill, Net$15,599.00
Cost of Goods Sold$25,313.00
Total Liabilities (12/31/15)$26,120.00
Additional Paid-In Capital$29,187.32
Property/Plant/Equipment$32,746.00
Cash & Equivalents (BeginningBal. 1/1/2016) $59,000.00
Total Current Assets (12/31/15)$77,301.00
Gross Sales Revenue$80,000.00
Total Owners Equity (12/31/15)$102,380.00
Total Assets (12/31/15)$128,500.00
Additional Information:
The current portion of TotalCapital Lease Obligation is $2,009.
During 2016, the companyrepurchased common stock for $394.
Deferred Income Tax will reversein 2017.
Inventory balance of $4,200 doesnot include adjustments for returns, allowances anddiscounts.
Sales Allowances were 10% of GrossSales.
Sales Discounts were 3% of GrossSales.
Prepayment for futureservices/goods will be earned in 2017.
The company's reporting period isthe same as a calendar year. Income Tax Rate is 30%
Warranty Liability representsexpected repairs in 2017.
Total Owners' Equity on 12/31/2016is $103,860
1.) Prepare an Income Statement for the year ended 2016
