Question
Arrange the following financial information into the following: Comparative Balance Sheet for 2010 vs. 2011 Comparative Income Statements for 2010 vs. 2011 Construct the 2011
Arrange the following financial information into the following: Comparative Balance Sheet for 2010 vs. 2011 Comparative Income Statements for 2010 vs. 2011 Construct the 2011 Statement of Cash Flows using items 1 and 2 |
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| 2010 BALANCE |
| 2011 BALANCE |
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| Selling and Adminstrative Expenses | 650,000 |
| 600,000 |
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| Interest Expense | 54,000 |
| 52,000 |
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| Accounts Receivable (net) | 350,000 |
| 425,000 |
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| Taxes | 91,000 |
| 58,000 |
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| Notes Payable | 200,000 |
| 175,000 |
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| Capital paid in excess of par | 500,000 |
| 500,000 |
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| Cost of Goods Sold | 2,300,000 |
| 2,250,000 |
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| Cash | 120,000 |
| 95,000 |
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| Common Stock, $1 par value | 250,000 |
| 250,000 |
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| Sales | 3,600,000 |
| 3,300,000 |
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| Plant and Equipment | 2,500,000 |
| 2,800,000 |
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| Accumulated Depreciation | 850,000 |
| 950,000 |
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| Depreciation Expense | 90,000 |
| 100,000 |
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| Retained Earnings | 665,000 |
| 905,000 |
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| Bonds Payable, 2016 | 700,000 |
| 700,000 |
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| Accounts Payable | 375,000 |
| 475,000 |
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| Operating Income | 560,000 |
| 350,000 |
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| Accrued Expenses | 80,000 |
| 60,000 |
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| Investments | 150,000 |
| 100,000 |
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| Inventory | 450,000 |
| 550,000 |
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| Prepaid Expenses | 50,000 |
| 45,000 |
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