Question
15. Refer to the information regarding Tessco Technologies. Assume that, immediately before the close of business on 3/29/18, Tessco purchased an additional $10,000 of inventory
15. Refer to the information regarding Tessco Technologies. Assume that, immediately before the close of business on 3/29/18, Tessco purchased an additional $10,000 of inventory on account. Tessco's income statement for the year ended March 29, 2018 would have shown (consider only the information in this question; each question is independent of other questions):
question: Cost of goods sold equal to: $__________________________.
Tessco Technologies Statement of Income | |
For the Fiscal Year Ended | March 29, 2018 |
Revenues | $131,658 |
Cost of goods sold | 95,859 |
Gross profit | 35,799 |
Selling, general and administrative expenses | 29,662 |
Income from operations | 6,137 |
Interest income (expense), net | (713) |
Income before provision for income taxes | 5,424 |
Provision for income taxes | 2,049 |
Net income | $3,375 |
Tessco Technologies Balance Sheet | |
As of | March 29, 2018 |
ASSETS: | |
CURRENT ASSETS: | |
Cash and marketable securities | $4,459 |
Trade accounts receivable | 15,757 |
Product inventory | 18,872 |
Deferred tax asset | 524 |
Prepaid expenses and other current assets | 1,609 |
Total current assets | 41,221 |
PROPERTY AND EQUIPMENT: | |
Land | 2,186 |
Building and improvements | 8,577 |
Information technology equipment and software | 3,714 |
Equipment and furniture | 4,821 |
Tooling | 340 |
Less-accumulated depreciation and amortization | 4,883 |
Property and equipment, net | 14,755 |
GOODWIILL | 3,950 |
TOTAL ASSETS: | $59,926 |
LIABILITIES: | |
CURRENT LIABILITIES: | |
Trade accounts payable | $16,394 |
Accrued expenses and other current liabilities | 2,363 |
Current portion of long-term debt | 294 |
Total current liabilities | 19,051 |
DEFERRED TAX LIABILITY | 42 |
LONG-TERM DEBT, net of current portion | 7,441 |
TOTAL LIABILITIES | 26,534 |
SHAREHOLDERS EQUITY: | |
Common stock, $0.01 par value, | |
4,343,608 shares outstanding as of March 28, 1997 | 47 |
Additional paid-in capital | 20,242 |
Treasury stock, at cost, 261,572 shares | (2,844) |
Retained earnings | 15,947 |
TOTAL SHAREHOLDERS' EQUITY | 33,392 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $59,926 |
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