1. Stein Books Inc. sold 2,300 finance textbooks for $220 each to High Tuition University in...
1. Stein Books Inc. sold 2,300 finance textbooks for $220 each to High Tuition University in 20X1. These books cost $200 to produce. Stein Books spent $12,500 (selling expense) to convince the university to buy its books. Depreciation expense for the year was $15,800. In addition, Stein Books borrowed $100,000 on January 1, 20X1, on which the company paid 14 percent interest. Both the interest and principal of the loan were paid on December 31, 20X1. The publishing firm’s tax rate is 30 percent. Prepare an income statement for Stein Books.
2
Arrange the following items in proper balance sheet
presentation: (Amounts to be deducted should be indicated
with parentheses or a minus sign.)
| Accumulated depreciation | $ | 352,000 |
| Retained earnings | 109,000 | |
| Cash | 16,000 | |
| Bonds payable | 171,000 | |
| Accounts receivable | 53,000 | |
| Plant and equipment—original cost | 775,000 | |
| Accounts payable | 43,000 | |
| Allowance for bad debts | 10,000 | |
| Common stock, $1 par, 100,000 shares outstanding | 100,000 | |
| Inventory | 75,000 | |
| Preferred stock, $56 par, 1,000 shares outstanding | 56,000 | |
| Marketable securities | 28,000 | |
| Investments | 26,000 | |
| Notes payable | 35,000 | |
| Capital paid in excess of par (common stock) | 97,000 | |
Homework Answers
![Answer to Q#1 (First question in the list Stein Books Inc. Income Statement For the Year Ended December 31, 20X1 $506,000 [2,300 books x $220] $A60,000 [2,300 books x $200] Sales Revenue Cost of goods sold Gross Profit Expenses: $46,000 [Sales Revenue - Cost of goods sold] Selling Expense Depreciation Expense Interest Expense Total Expenses $12,500 $15,800 $14,000 ($100,000 x 14%) $42,300 Net Income (Loss) $3,700 [Gross profit - Total expenses] NOTE Though the borrowed amount of $100,000 was also repaid along with interest, the principal repaid is not an expense to the firm and so interest portion alone is considered as interest expense on the income statement.](http://img.homeworklib.com/questions/75203f60-7894-11ea-9b6d-4152fd8a88c6.png?x-oss-process=image/resize,w_560)
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1. Stein Books Inc. sold 2,300 finance textbooks for $220 each
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Stein Books Inc. sold 2,000 finance textbooks for $210 each to High Tuition University in 20X1....
Stein Books Inc. sold 2,000 finance textbooks for $210 each to High Tuition University in 20X1. These books cost $180 to produce. Stein Books spent $12,900 (selling expense) to convince the university to buy its books. Depreciation expense for the year was $15,800. In addition, Stein Books borrowed $102,000 on January 1, 20X1, on which the company paid 16 percent interest. Both the interest and principal of the loan were paid on December 31, 20X1. The publishing firm’s tax rate...
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