Using the ï¬nancial statement information from below, create balance sheets and (traditional gross-margin format) income statements for the given years. ⢠From those ï¬nancial statements determine the following for the most current year:
Year ended Dec. 31, 2016
Cost of Goods Sold 400,000
Cash 35,000
Selling & Administrative Expenses 160,000
Salaries Payable 40,000
Long-term liabilities 270,000
Finished Goods Inventory 55,000
Accounts Payable 20,000
Interest Expense 8,000
Income Tax Expense 30%
Sales Revenue (all on account) 700,000
Plant, Property, and Equipment, net 300,000
Accounts Receivable 60,000
Common Stock ($1 par) 120,000
Year ended Dec. 31, 2015
Cash 30,000
Accounts Receivable 50,000
Finished Goods Inventory 60,000
Plant, Property, and Equipment, net 320,000
Accounts Payable 20,000
Salaries Payable 20,000
Long-term liabilities 300,000
Common Stock ($1 par) 120,000
Using the ï¬nancial statement information from below, create balance sheets and (traditional gross-margin format) income statements for the given years. ⢠From those ï¬nancial statements determine the following for the most current year:
Year ended Dec. 31, 2016
Cost of Goods Sold 400,000
Cash 35,000
Selling & Administrative Expenses 160,000
Salaries Payable 40,000
Long-term liabilities 270,000
Finished Goods Inventory 55,000
Accounts Payable 20,000
Interest Expense 8,000
Income Tax Expense 30%
Sales Revenue (all on account) 700,000
Plant, Property, and Equipment, net 300,000
Accounts Receivable 60,000
Common Stock ($1 par) 120,000
Year ended Dec. 31, 2015
Cash 30,000
Accounts Receivable 50,000
Finished Goods Inventory 60,000
Plant, Property, and Equipment, net 320,000
Accounts Payable 20,000
Salaries Payable 20,000
Long-term liabilities 300,000
Common Stock ($1 par) 120,000
