Bailey Ltd. Balance Sheet As at December 31, 2016 . Cash 566,000 Accounts Receivable(net) ** 241,000 Inventory 87000 Prepaid Expenses 12,000 Plant and Equipment(net) 792000 $1.190.000 Accounts Payable & Accrued Liabilities $191,000 Long-term Debt 635,000 Common Shares 50.000 Retained Earnings 322.000 S. 198.000 ** Avg. common shares issued and outstanding 22,000 shares *** A/R for 2015 was $230,000 Equity for 2015 was $310,000 total assets for 2015 was 51,050,000 inventory for 2015 85,000 dividend 2016 50,000 Bailey Ltd. Income Statement For the year ended December 31, 2016 Sales $2797 000 Cost of Goods Sold 1.790.000 Gross Marin 1007000 Operating Expenses 770,000 Depreciation Expense 37000 Operating Income 200 000 Interest Expense 70.000 Income before Income Tax 130 000 Income Tax Expense 52.000 Net Income Loss 578.000 Sales made on credit Snoopy Itd. Balance Sheet As at December 31, 2016 Sales Cash $27.000 Accounts Receivable net). 262.000 Inventory 110,000 Prepaid Expenses 7,000 Plant and Equipment net 709 000 S1110.000 Accounts Payable & Accrued abilities $173 000 Long-term Debt 310,000 Common Shares 200 000 Retained Earnings 427,000 S1110.000 ** Avg. common shares issued and outstanding 25,000 shares *** A/R for 2015 was 230,000 Equity for 2015 was 5620,000 Total assets for 2015 was 1,000,000 inventory for 2015 112,000 dividend 2016 55,000 Snoopy Ltd. Income Statement For the year ended December 31, 2016 52.454,000 Cost of Goods Sold 1594.000 Gross Marin 860,000 Operating Expenses 632,000 Depreciation Expense 31.000 Operating Income 197,000 Interest Expense 43.000 Income before Income Tax 154,000 Income Tax Expense 62.000 Net Income L.033) 92.000 al Sales made on credit Bailey Ltd. Balance Sheet As at December 31, 2016 . Cash 566,000 Accounts Receivable(net) ** 241,000 Inventory 87000 Prepaid Expenses 12,000 Plant and Equipment(net) 792000 $1.190.000 Accounts Payable & Accrued Liabilities $191,000 Long-term Debt 635,000 Common Shares 50.000 Retained Earnings 322.000 S. 198.000 ** Avg. common shares issued and outstanding 22,000 shares *** A/R for 2015 was $230,000 Equity for 2015 was $310,000 total assets for 2015 was 51,050,000 inventory for 2015 85,000 dividend 2016 50,000 Bailey Ltd. Income Statement For the year ended December 31, 2016 Sales $2797 000 Cost of Goods Sold 1.790.000 Gross Marin 1007000 Operating Expenses 770,000 Depreciation Expense 37000 Operating Income 200 000 Interest Expense 70.000 Income before Income Tax 130 000 Income Tax Expense 52.000 Net Income Loss 578.000 Sales made on credit Snoopy Itd. Balance Sheet As at December 31, 2016 Sales Cash $27.000 Accounts Receivable net). 262.000 Inventory 110,000 Prepaid Expenses 7,000 Plant and Equipment net 709 000 S1110.000 Accounts Payable & Accrued abilities $173 000 Long-term Debt 310,000 Common Shares 200 000 Retained Earnings 427,000 S1110.000 ** Avg. common shares issued and outstanding 25,000 shares *** A/R for 2015 was 230,000 Equity for 2015 was 5620,000 Total assets for 2015 was 1,000,000 inventory for 2015 112,000 dividend 2016 55,000 Snoopy Ltd. Income Statement For the year ended December 31, 2016 52.454,000 Cost of Goods Sold 1594.000 Gross Marin 860,000 Operating Expenses 632,000 Depreciation Expense 31.000 Operating Income 197,000 Interest Expense 43.000 Income before Income Tax 154,000 Income Tax Expense 62.000 Net Income L.033) 92.000 al Sales made on credit
