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10.00 points Financial data for Redstone Company for last year appear below: Redstone Company Statements of Financial Position Beginning Ending Balance Balance Assets 263,000 31,164
10.00 points Financial data for Redstone Company for last year appear below: Redstone Company Statements of Financial Position Beginning Ending Balance Balance Assets 263,000 31,164 Cash 126,000 Accounts receivable 215,000 Inventory 255,000 266,000 466,000 473,000 Plant and equipment (net) 221,000 Investment in Balsam Company 293,000 497,000 497,000 Land (undeveloped) Total assets $1,828,000 $1,775,164 Liabilities and owners' equity 164,000 228,000 Accounts payable 884,000 Long-term debt 884,000 Owners' equity 780,000 663,164 Total liabilities and owners' equity $1,828,000 $1,775,164 Redstone Company Income statement 2,040,000 Sales 1,795,200 Less operating expenses 244,800 Net operating income Less interest and taxes: $100,300 Interest expense 178,636 Tax expense 78,336 Net income 66,164
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