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Posted: February 21st, 2022
Comprehensive Balance Sheet and Income Statement
Course Project Comprehensive Balance Sheet December 31st 2012 Assets Current Assets Cash $42,485 Account Receivable$165,824 Allowance for Doubtful accounts 1,850 Net Accounts Receivable 163,974 Inventories 499,493 Securities (available for sale/at fair market value) 28,250 Notes Receivable (due next year) 23,000 Prepaid Expenses 16,252 Total Current Assets……………………………………………………………………………………$773,454 Non-Current Assets Investments in Warren Co. $87,500 Land 125,000 Building$975,800 Accumulated Depreciation 341,200 Net building 634,600 Goodwill 100,000 Patents 125,000
Copyrights 105,000 Trademarks 80,000 Deposits with Vendors 50,000 Total Noncurrent Assets……………………………………………………………………………… $1,307,100 Total Assets $2,080,554 Liabilities and Stockholder’s Equity Liabilities Current Liabilities Accounts Payable $197,532 Income Taxes Payable 62,520 Salaries Payable52,000 Notes Payable to Banks50,000 Mortgage Payable-current portion18,000 Accrued Liabilities 9,500 Accrued Interest on Notes payable 500 Customer Deposits (expected to be paid next year) 420 Total Current Liabilities……………………………………………………………………………………. $390,472
Non-Current Liabilities Mortgage Payable $290,000 Twenty-year, 12% Bonds, due 1/01/13500,000 Total Non-current Liabilities………………………………………………………………………………. $790,000 Total Liabilities$1,180,472 Stockholder’s equity Preferred Stock, 7%$300,000 Common Stock 400,000 Additional Paid-in Capital 37,500 Retained Earnings 162,582 Total Stockholders’ equity………………………………………………………………………………… $900,000 Total Liabilities and stockholders’ equity$2,080,554 Income Statement For the Year ending December 31st 2012 Sales Revenue$2,000,000 Sales Discounts 120,000 Net Sales Revenue $1,880,000 Costs of Goods Sold 1,000,000
Gross Profit $880,000 Less: Operating Expenses Selling Expenses Selling Expenses$300,000 Depreciation Expenses 60,000 Total Selling Expenses………………………………………………………………………………………….. 360,000 Administrative Expenses Administration Expenses$350,000 Depreciation Expenses 40,000 Total Admin Expenses…………………………………………………………………………………………….. 390,000 Total Operating Expenses 750,000 Total Operating Income $130,000 Other Operating Income Rental Income$50,000 Dividend Income 30,000 Interest Revenue 25,000 105,000 Earnings before taxes $235,000 Income Tax expense 82,250 Net income $152,750
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