Sept 13 Bus 1220E assignment.docx

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Department
Business Administration
Course
Business Administration 1220E
Professor
Scott Lin
Semester
Fall

Description
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
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