An incomplete comparative income statement and balance sheet for Amherst Corporation follow: Requirement 1. Using the ratios,
Question:
Requirement
1. Using the ratios, common-size percentages, and trend percentages given, complete the income statement and balance sheet for Amherst for 2013. Additionalinformation:
Transcribed Image Text:
Amherst Corporation Comparative income Statements Years Ended December 31, 2013 and 2012 2013 2012 Sales revenue Cost of goods sold Gross profit Operating expense Operating income Interest expense Income before income tax Income tax expense (30%) Net income $2,100,000 $2,000,000 1,400,000 600,000 400,000 40,000 40,000 160,000 48,000 S 112,000 Amherst Corporation Balance Sheet December 31, 2013 and 2012 2013 2012 ASSETS Current Cash 30,000 135,000 180,000 345,000 555,000 $900,000 Accounts receivable, net Inventory Total current assets Plant and equipment, net Total assets LIABILITIES Current liabilities 10% Bonds payable S $160,000 $140,000 400,000 540,000 Total liabilities STOCKHOLDERS EQUITY Common stock, $5 par Retained earnings 220,000 140,000 360,000 $900,000 Total stockholders' equity Total liabilities and stockholders' equity
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (6 reviews)
Amherst Corporation Comparative Income Statements Years Ended December 31 2013 and 2012 2013 2012 Sales revenue 2100000 2000000 Cost of goods sold a 1...View the full answer
Answered By
Ashok Kumar Malhotra
Chartered Accountant - Accounting and Management Accounting for 15 years.
QuickBooks Online - Certified ProAdvisor (Advance - QuickBooks Online for 3 years.
5.00+
3+ Reviews
10+ Question Solved
Related Book For
Financial accounting
ISBN: 978-0132751124
9th edition
Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom
Question Posted:
Students also viewed these Managerial Accounting questions
-
The 2017 comparative income statement and balance sheet of Flowell Design Ltd. follow: Flowell Design Ltd. had no non-cash financing and investing transactions during 2017. During the year, there...
-
An incomplete comparative income statement and balance sheet for Emore Corporation follow: Requirment 1. Using the ratios, common-size percentages, and trend percentages given, complete the...
-
The 2014 comparative income statement and balance sheet of New Design Ltd. follow: New Design Ltd. had no noncash financing and investing transactions during 2014. During the year, there were no...
-
4. (8 points) Fill in with =, >, >=,
-
A major automobile company is interested in reducing the time that customers have to wait while having their car serviced with one of the dealers. They select four customers randomly each day and...
-
Water pressure in the supply system exerts a downward force of 135 N on the vertical plug at A. Determine the tension in the fusible link DE and the force exerted on member BCE at B. 24 mm i mm 24 mm...
-
What four factors are generally considered in determining materiality? Briefly discuss.
-
Founded in 1989, Arnold Palmer Hospital is one of the largest hospitals for women and children in the U.S., with 431 beds in two facilities totaling 676,000 square feet. Located in downtown Orlando,...
-
3. Consider the following information: State of Economy Probability of State of Economy Rate of Return if State Occurs Recession .20 .09 Normal .45 .11 Boom .35 .30 Required: Calculate the expected...
-
Write a program that displays a circle of radius 10 pixels filled with a random color at a random location on a pane, as shown in Figure 15.29b. When you click the circle, it disappears and a new...
-
The following data (dollar amounts in millions) are from the financial statements of Valley Corporation: Average stockholders equity............................... $5,400 Interest...
-
1. Identify the title which might be given to the project management role in each case. 2. Describe the role of the project manager in each of the cases. 3. Describe the desirable characteristics of...
-
What are the three levels of strategy? Do all firms have all three levels? Why or why not?
-
Write C program that will prompt the user for an integer n. If the user has entered a non-integer, the user must be prompted again until he or she enters an integer. If he enters non-integer numbers...
-
A bond matures in 4 years and pays a 5 . 0 0 % annual coupon. The bond has a face value of $ 1 , 0 0 0 and currently sells for $ 9 7 0 . What is the bonds current yield?
-
Hi Expert, Please help me with providing a html, css and (if needed) Java script code for the desing below. Requirement: - I need the design to exactly be as the pic below - When hovering with the...
-
4. (8 points) Determine if each of the integrals below is an improper integral. If it is not improper, just write not improper. If it is improper, write it as a limit or sum of limits. Do not...
-
Lou Barlow, a divisional manager for Sage Company, has an opportunity to manufacture and sell one of two new products for a five- year period. His annual pay raises are determined by his division's...
-
Under what conditions should an item be recognized in the financial statements?
-
You have just begun your summer internship at Omni Instruments. The company supplies sterilized surgical instruments for physicians. To expand sales, Omni is considering paying a commission to its...
-
How is risk defined?
-
Excerpts taken from the SEC form 10-K of NIKE are reproduced in Appendix C. REQUIRED: Review the NIKE Form 10-K, and answer the following questions. a. Compute cost of sales, selling, general &...
-
The following excerpts were taken from the annual reports of a variety of companies: I. The companys reporting period ends on the Saturday closest to January 31(The Limited). 2. The consolidated...
-
Recently Boeing has maintained a cash balance of over $6 billion. At an annual inflation rate of about 2 percent, does cash have more or less purchasing power at the end of a gin year than the...
-
BMX Company has one employee. FICA Social Security taxes are 6 . 2 % of the first $ 1 3 7 , 7 0 0 paid to its employee, and FICA Medicare taxes are 1 . 4 5 % of gross pay. For BMX , its FUTA taxes...
-
you can answer the question on a paper and photographing it if u cannot explain it here. Part II: ( 5 points ) Problem: - Entries for Zero - Interest - Bearing Note ( CLO # 1 & 2 ) On December 3 1 ,...
-
Sunland, Inc. produces men's shirts. The following budgeted and actual amounts are for 2 0 2 2 : \ table [ [ Cost , Budget at 2 , 6 9 0 units,Actual Amounts at 2 , 9 9 0 units ] , [ Direct...
Study smarter with the SolutionInn App