Carlberg Corp., a merchandiser, recently completed its 2017
operations. For the year, (1) all sales are credit sales, (2) all
credits to Accounts Receivable reflect cash receipts from
customers, (3) all purchases of inventory are on credit, (4) all
debits to Accounts Payable reflect cash payments for inventory, (5)
Other Expenses are all cash expenses, and (6) any change in Income
Taxes Payable reflects the accrual and cash payment of taxes. The
company’s balance sheets and income statement follow.
CARLBERG CORPORATION Comparative Balance Sheets December 31, 2017 and 2016 |
|||||||
2017 | 2016 | ||||||
Assets | |||||||
Cash | $ | 245,000 | $ | 161,000 | |||
Accounts receivable | 101,000 | 86,000 | |||||
Inventory | 613,000 | 536,000 | |||||
Total current assets | 959,000 | 783,000 | |||||
Equipment | 361,000 | 314,000 | |||||
Accum. depreciation—Equipment | (170,000 | ) | (109,000 | ) | |||
Total assets | $ | 1,150,000 | $ | 988,000 | |||
Liabilities and Equity | |||||||
Accounts payable | $ | 99,000 | $ | 81,000 | |||
Income taxes payable | 29,000 | 26,000 | |||||
Total current liabilities | 128,000 | 107,000 | |||||
Equity | |||||||
Common stock, $2 par value | 652,000 | 618,000 | |||||
Paid-in capital in excess of par value, common stock | 224,000 | 173,000 | |||||
Retained earnings | 146,000 | 90,000 | |||||
Total liabilities and equity | $ | 1,150,000 | $ | 988,000 | |||
CARLBERG CORPORATION Income Statement For Year Ended December 31, 2017 |
|||||
Sales | $ | 1,979,000 | |||
Cost of goods sold | 1,200,000 | ||||
Gross profit | 779,000 | ||||
Operating expenses | |||||
Depreciation expense | $ | 61,000 | |||
Other expenses | 546,000 | 607,000 | |||
Income before taxes | 172,000 | ||||
Income taxes expense | 52,650 | ||||
Net income | $ | 119,350 | |||
Additional Information on Year 2017
Transactions
Carlberg Corp., a merchandiser, recently completed its 2017 operations. For the year, (1) all sales are...
Carlberg Corp., a merchandiser, recently completed its 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. The company’s balance sheets and income statement follow. CARLBERG...
Golden Corp., a merchandiser, recently completed its 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. The company's balance sheets and income statement follow GOLDEN...
Golden Corp., a merchandiser, recently completed its 2017 operations. For the year. (1) all sales are credit sales. (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of in- ventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory. (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. The company's balance sheets and income statement follow....
Golden Corp., a merchandiser, recently completed its 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. The company’s balance sheets and income statement follow. GOLDEN...
Golden Corp, a merchandiser, recently completed its 2017 operations. For the year, (1) all sales are credit Problem 16-6A sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of in- Indirect: Statement ventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory. (5) Other of cash flows Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash P1 P2 P3 payment...
Golden Corp., a merchandiser, recently completed its 2018 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. The company’s balance sheets and income statement follow. GOLDEN...
Forten Company, a merchandiser, recently completed its
calendar-year 2017 operations. For the year, (1) all sales are
credit sales, (2) all credits to Accounts Receivable reflect cash
receipts from customers, (3) all purchases of inventory are on
credit, (4) all debits to Accounts Payable reflect cash payments
for inventory, and (5) Other Expenses are paid in advance and are
initially debited to Prepaid Expenses. The company’s income
statement and balance sheets follow.
FORTEN COMPANY
Comparative Balance Sheets
December 31, 2017...
Golden Corp., a merchandiser, recently completed its 2017 operations. For the year, (1) all sales are credit sales. (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases or in ventory are on credit. (4) all debits to Accounts Payable reflect cash payments for inventory. (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. The company's balance sheets and income statement follow....
Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company’s income statement and balance sheets follow. FORTEN COMPANY Comparative Balance Sheets December 31, 2017...
Required information Golden Corp., a merchandiser, recently completed its 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. The company's balance sheets and income statement...