Balance Sheet and Income Statement

Balance Sheet & Income
Statement Homework
Question 1

Liabilities
Accounts Payable $210,000

Assets
Cash $127,000

Notes Payable $160,000
Total Current Liabilities: $370,000

Accounts Receivable $105,000
Inventory $293,000
Total Current Assets: $525,000

Patents and Copyrights $630,000
Tangible net fixed assets $1,620,000

Total Assets: $2,775,000

Long Term Debt $845,000
Total Liabilities: $1,215,000

Equity
Common Stock $282,000
Accumulated Retained Earnings
$1,278,000

Total Liabilities and Equity: $2,775,000

Question 2

Revenues

Sales $52,000
Total Revenues $52,000
Cost of Goods Sold
Costs $27,300
Total Cost of Goods Sold $27,300
Gross Profit $24,700
Expenses
Depreciation Expense $8,877
Interest Expense $4,900
Total Expenses $4,900
Net Income Before Taxes $10,923
Net Income After Taxes $7,100
Statement of Retained Earnings
Beginning Balance Net Income $7,100
Dividends ($1,800)
Ending Balance + $5,300

Question 3
2010
Assets
Cash $6,067
Accounts Receivable $8,034

Inventory $14,283

Total Current Liabilities: $5,555

Total Current Assets: $28,384
Long Term Debt $20,320
Net fixed assets $50,888

Total Liabilities: $25,875

Total Assets: $79,272

Equity
Equity $53,397

Total Liabilities and Equity: $79,272

2011
Assets
Cash $6,466
Accounts Receivable $9,427
Liabilities

Inventory $15,288

Accounts Payable $4,384

Total Current Assets: $31,181

Notes Payable $1,171

Net fixed assets $54,273

Total Assets: $85,454
Liabilities
Accounts Payable $4,644
Notes Payable $1,147
Total Current Liabilities: $5,791

Long Term Debt $24,696
Total Liabilities: $30,487

Equity
Equity $54,967

Total Liabilities and Equity: $85,454