Question
2020 and 2021 Balance Shee ts Assets 2020 2021 Liabilities and Owners Equity 2020 2021 Current assets Current liabilities Cash $ 32,653 $ 39,350 Accounts
2020 and 2021 Balance Sheets
Assets
2020
2021
Liabilities and Owners Equity
2020
2021
Current assets
Current liabilities
Cash
$ 32,653
$ 39,350
Accounts payable
$ 34,886
$ 44,285
Accounts receivable
16,911
28,877
Notes payable
18,058
16,848
Inventory
34,495
44,336
Other
18,871
25,619
Total
$ 84,059
$ 112,563
Total
$ 71,815
$ 86,752
Long-term debt
$ 110,000
$ 140,000
Owners equity
Common stock and paid-in surplus
$ 55,000
$ 55,000
Fixed assets
Accumulated retained earnings
288,343
333,683
Net plant and equipment
$ 441,099
$ 502,872
Total
$ 343,343
$ 388,683
Total assets
$ 525,158
$ 615,435
Total liabilities and owners equity
$ 525,158
$ 615,435
CORPORATION
2021 Income Statement
Sales
$ 531,750
Cost of goods sold
377,294
Depreciation
46,686
Earnings before interest and taxes
$ 107,770
Interest paid
20,650
Taxable income
$ 87,120
Taxes (25%)
21,780
Net income
$ 65,340
Dividends
$ 20,000
Retained earnings
45,340
2020 and 2021 Balance Sheets | |||||
Assets | 2020 | 2021 | Liabilities and Owners Equity | 2020 | 2021 |
Current assets |
|
| Current liabilities |
|
|
Cash | $ 32,653 | $ 39,350 | Accounts payable | $ 34,886 | $ 44,285 |
Accounts receivable | 16,911 | 28,877 | Notes payable | 18,058 | 16,848 |
Inventory | 34,495 | 44,336 | Other | 18,871 | 25,619 |
|
| ||||
Total | $ 84,059 | $ 112,563 | Total | $ 71,815 | $ 86,752 |
|
| ||||
|
|
| Long-term debt | $ 110,000 | $ 140,000 |
|
|
|
|
|
|
|
|
| Owners equity |
|
|
|
|
| Common stock and paid-in surplus | $ 55,000 | $ 55,000 |
Fixed assets |
|
| Accumulated retained earnings | 288,343 | 333,683 |
|
|
|
| ||
Net plant and equipment | $ 441,099 | $ 502,872 | Total | $ 343,343 | $ 388,683 |
|
| ||||
Total assets | $ 525,158 | $ 615,435 | Total liabilities and owners equity | $ 525,158 | $ 615,435 |
|
| ||||
CORPORATION | ||
2021 Income Statement | ||
Sales |
| $ 531,750 |
Cost of goods sold |
| 377,294 |
Depreciation |
| 46,686 |
|
| |
Earnings before interest and taxes |
| $ 107,770 |
Interest paid |
| 20,650 |
|
| |
Taxable income |
| $ 87,120 |
Taxes (25%) |
| 21,780 |
|
| |
Net income |
| $ 65,340 |
|
| |
Dividends | $ 20,000 |
|
Retained earnings | 45,340 |
|
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The Handbook For Investment Committee Members
Authors: Russell L. Olson
1st Edition
0471719781, 978-0471719786
