Bratt Corporation Balance Sheet Dec. 31, 2012 and 2011 Assets:2012 2011 Cash 90,000 10,000 Accounts Receivable 6.000 8.000Inventory 9,000 15,000 Property, Plant, and Equipment Land 180,000150,000 Building 250,000 250,000 Less: Accumulated Depreciation(30,000) (20,000) Total Assets 505,000 413,000 Liabilities:Accounts Payable 5,000 3,000 Notes Payable (5years) 5,000 15,000Stockholders' Equity: Common Stock 135,000 100,000 Paid in Capitalin Excess of Par - CS 140,000 100,000 Retained Earnings 220,000195,000 Total Liabilities and Equity 505,000 413,000 BrattCorporation Income Statement For year ended Dec. 31, 2012 Sales900,000 Cost of Goods Sold 540,000 Gross Profit 360,000Depreciation Expense 10,000 Selling Expenses 130,000 General andAdm. Expenses 180,000 Total Expenses 320,000 Net Income 40,000Fill in correct responses
Bratt Corporation Balance Sheet Dec. 31, 2012 and 2011 Assets:2012 2011 Cash 90,000 10,000 Accounts Receivable 6.000 8.000Inventory 9,000 15,000 Property, Plant, and Equipment Land 180,000150,000 Building 250,000 250,000 Less: Accumulated Depreciation(30,000) (20,000) Total Assets 505,000 413,000 Liabilities:Accounts Payable 5,000 3,000 Notes Payable (5years) 5,000 15,000Stockholders' Equity: Common Stock 135,000 100,000 Paid in Capitalin Excess of Par - CS 140,000 100,000 Retained Earnings 220,000195,000 Total Liabilities and Equity 505,000 413,000 BrattCorporation Income Statement For year ended Dec. 31, 2012 Sales900,000 Cost of Goods Sold 540,000 Gross Profit 360,000Depreciation Expense 10,000 Selling Expenses 130,000 General andAdm. Expenses 180,000 Total Expenses 320,000 Net Income 40,000Fill in correct responses
Related questions
The balance sheet and the income statement for the year endedDecember 31, 2016 for Johnson Inc. follows. During 2016, cash of15,000 was paid for building and equipment, 10,000 was paid forretirement of notes payable, and $68,000.was paid for cashdividends. . During 2016, cash was received from issuance ofstock.
| Balance Sheet As of December, 31. | ||
2016 | 2015 | |
Cash | $ 25,000 | $ 20,000 |
Accounts receivable, net | 60,000 | 70,000 |
Inventory | 80,000 | 100,000 |
Land | 50,000 | 50,000 |
Building and equipment | 130,000* | 115,000 |
Accumulated depreciation | (85,000) | (70,000) |
Total assets | $260,000 | $285,000 |
Accounts payable | $ 30,000 | $ 35,000 |
Income taxes payable | 4,000 | 3,000 |
Wages payable | 5,000 | 3,000 |
Current notes payable | 50,000** | 60,000 |
Common stock | 110,000*** | 100,000 |
Retained earnings | 61,000 | 84,000 |
Total liabilities and stockholders's equity | $260,000 | $285,000 |
| Income Statement For the Year Ended December 31, 2016 | ||
Sales | $500,000 | |
Less expenses: | ||
Cost of goods sold | $330,000 | |
Selling and administrative expenses | 90,000 | |
(includes depreciation of $15,000) | ||
Interest expense | 5,000 | |
Total expenses | 425,000 | |
Income before taxes | $ 75,000 | |
Income tax expense | 30,000 | |
Net income | $ 45,000 | |
(Required) Prepare the statement of cash flows for 2016. Presentcash flows from operations using the indirect approach..
