Sept 13 Bus 1220E assignment.docx

7 Pages
Unlock Document

Business Administration
Business Administration 1220E
Scott Lin

J. Crawford Retail Sales Inc. Statement of Earnings for the Year Ending (three-month period) March 31, 2012 (in 000s of dollars) Gross Sales: Less: Sales returns and allowances Sales discounts Net Sales: 2125 Cost of Goods sold: Inventory, December 31, 2012---393 Plus net purchases---1664 Cost of goods available for sale---2057 Less: Inventory, March 31, 2012---475 Cost of goods sold---1582 Gross income: 543 Operating expenses: General and Administrative expenses: 143 Selling Expenses: 160 Total Operating Expenses: 303 Earnings from operations: 240 Net Earnings before tax: 240 Estimate income tax expense (50%): 120 Net earnings after tax: 120 Thomas Hardware Store Ltd. Balance Sheet as at January 31, 2012 Assets Current Assets: Cash: 4400 Marketable Securities at cost--- 18,000 Accounts receivable---60,000 Net Accounts Receivable---48,000 Finished Goods inventory--- 182,000 Prepayments---12,800 Total Current Assets--- 277,200 Property, plant and equipment: Land---19500 Building and Equipment, cost- 119,000 Less- Accumulated amortization-57,200 Net building and equipment---61,800 Total property, plant and equipment (net)--- 81,300 Intangibles: Organization expenses (net)--- 2500 Total Intangibles---2500 TOTAL ASSETS: 361,000 LIABILTIES AND SHAREHOLDERS' EQUITY: LIABILITIES Current Liabilities: Notes Payable (demand note)--- 34,800 Accounts payable: 73,700 Accrued expenses payable: 10,500 Taxes payable: 5200 Total current liabilities---124200 Long-term Liabilities: Long-term debt: 54,000 Total long-term liabilities: 54,000 TOTAL LIABILITIES---178,200 SHAREHOLDERS' EQUITY Capital Stock: Common shares, authorized 2500, issued and outstanding, 2052 shares: 51,300 Retained Earnings: 131,500 TOTAL SHAREHOLDERS'EQUITY---182,800 TOTAL LIABILITIES AND SHAREHOLDERS'EQUITY---361,000 Bargain Stores Incorporated
More Less

Related notes for Business Administration 1220E

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.