Question
Assets: 2022 2021 Cash $100,000 $85,000 Accounts receivable 432,000 350,000 Inventories 1,000,000 700,000 Total current assets $1,532,000 $1,135,000 Net fixed assets 3,000,000 2,800,000 Total assets
Assets: 2022 2021
Cash $100,000 $85,000
Accounts receivable 432,000 350,000
Inventories 1,000,000 700,000
Total current assets $1,532,000 $1,135,000
Net fixed assets 3,000,000 2,800,000
Total assets $4,532,000 $3,935,000
Liabilities and equity:
Accounts payable $ 700,000 $ 545,000
Notes payable 800,000 900,000
Total current liabilities $1,500,000 $1,445,000
Long-term debt (Bonds) 1,200,000 1,200,000
Common Stock 1,500,000 1,000,000
Retained earnings 332,000 290,000
Total common equity 1,832,000 $1,290,000
Total liabilities and equity $4,532,000 $3,935,000
The team has never paid a dividend on its common stock. The team $1,200,000 of long-term debt in 2007. This debt is scheduled to mature in 2037. As of the end of 2022, none of the principal on this debt has been repaid. Assume that 2021 and 2022 sales were the same in both years. From your analysis of the team for year 2022 the company reported:
Total common equity decreased for the year
Cash went down over the last year
A net income for the year
None of these selections are correct
A net loss for the year
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The Handbook Of Alternative Assets
Authors: Peter Temple
1st Edition
161477076X, 978-1906659219
