Homework Answers
Solution
Hudson Company
Income Statement
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Hudson Co |
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Income Statement for the year ended December 31, 2011 |
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Sales |
$300,000 |
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Less: Sales discounts |
$1,000 |
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Sales returns and allowances |
$6,000 |
$7,000 |
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Net Sales |
$293,000 |
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Cost of goods sold |
$159,000 |
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Gross Profit |
$134,000 |
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Operating Expenses: |
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Advertising Expenses |
$2,800 |
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Office Supplies Expense |
$3,400 |
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Insurance Expense |
$1,200 |
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Rent Expense |
$6,000 |
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Utilities Expense |
$2,000 |
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Freight out expense |
$2,000 |
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Depreciation expense |
$6,000 |
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Interest Expense |
$1,000 |
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Salaries expense |
$54,000 |
$78,400 |
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Net Operating Income |
$55,600 |
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Note: cost of goods includes $10,000 for freight-in charges.
Classified Balance Sheet
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Hudson Inc |
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Balance Sheet on December 31, 2011 |
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Assets: |
Amount |
Liabilities |
Amount |
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Current Assets |
Current Liabilities |
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Cash |
$15,000 |
Accounts Payable |
$13,000 |
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Accounts Receivable |
$12,000 |
Customer Deposits Received |
$1,400 |
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Prepaid Rent |
$1,800 |
Interest Payable |
$1,800 |
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Merchandise Inventory |
$18,000 |
Total current liabilities |
$16,200 |
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Total Current Assets |
$46,800 |
Long-term Liabilities |
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Fixed Assets |
Notes -Payable |
$9,500 |
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Office Equipment |
$62,000 |
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Less: Accumulated Depreciation |
$12,000 |
$50,000 |
Capital |
$23,000 |
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Notes Receivable |
$4,000 |
add: net income |
$55,600 |
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Total Assets |
$54,000 |
$132,600 |
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Less: withdrawals |
$3,500 |
$75,100 |
|||
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Total Assets |
$100,800 |
Total Liabilities |
$100,800 |
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