hi, got this question wrong on my exam as well. Would like the correct answer for the final.
2017 |
2016 |
|
Sales |
$7,550,000 |
$6,150,000 |
Cost of Goods |
5,750,000 |
4,550,000 |
Depreciation |
120,000 |
100,000 |
Selling and G&A Expenses |
820,000 |
730,000 |
Fixed Expenses |
200,000 |
200,000 |
Lease Expense |
150,000 |
150,000 |
Interest Expense |
350,000 |
300,000 |
Tax Rate |
40.00% |
40.00% |
Shares Outstanding |
100,000 |
80,000 |
Cash |
108,000 |
50,000 |
Marketable Securities |
150,000 |
100,000 |
Accounts Receivable |
450,000 |
350,000 |
Inventory |
1,250,000 |
850,000 |
Prepaid Expenses |
120,000 |
40,000 |
Plant & Equipment |
5,350,000 |
4,800,000 |
Accumulated Depreciation |
410,000 |
290,000 |
Long Term Investments |
450,000 |
360,000 |
Accounts Payable |
420,000 |
380,000 |
Notes Payable |
150,000 |
100,000 |
Accrued Expenses |
150,000 |
100,000 |
Other Current Liabilities |
200,000 |
180,000 |
Long-term Debt |
2,900,000 |
2,500,000 |
Common Stock |
2,500,000 |
2,000,000 |
Additional Paid-in-Capital |
600,000 |
500,000 |
Retained Earnings |
548,000 |
500,000 |
Solution:-
a.
Income statement:-
Formula:-
Balance sheet:-
Formulas:-
b.
Income statement:-
Formulas:-
Balance sheet:-
Formulas:-
hi, got this question wrong on my exam as well. Would like the correct answer for...
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I just want to know if my answer is correct, and how to get the answer. Thanks. For the Balk Corp. in 2018: Balance Sheet ($000s): Dec 31, 2018 | Dec 31, 2017 | Average ◊―――――――――――――――――――――――――――――◊ Cash: 420,000 | 120,000 | 270,000 Accounts receivable, net: 492,000 | 300,000 | 396,000 Inventories: 412,000 | 340,000 | 376,000 Plant and equipment, net: 1,700,000 | 1,112,000 | 1,406,000 Accumulated Depreciation: (184,000) | (192,000) | (188,000) Total Assets: 2,840,000 | 1,680,000 | 2,260,000 ◊―――――――――――――――――――――――――――――◊...
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The Castillo Company reported operating profits of $60,000, Depreciation expenses of $40,000, Interest expense of $10,000 and paid $10,000 in taxes in 2017. Following are the Company’s balance sheets for 2016 and 2017. C&B CASTILLO COMPANY 2016 2017 Cash $50,000 $5,000 Accounts Receivables 200,000 300,000 Inventories 400,000 480,000 Total Current Assets 650,000 785,000 Gross Fixed Assets 450,000 570,000 Accumulated Depreciation -100,000 -140,000 Net Fixed Assets ...