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Complete the yellow highlighted cells on the balance sheet and income statement. Following is the additional information that you will need to complete the statements:
Complete the yellow highlighted cells on the balance sheet and income statement. Following is the additional information that you will need to complete the statements:
2004 | 2003 | |
Accounts Receivable | $1,200,000 | $1,000,000 |
Allowance for Doubtful Accounts | 35,000 | 50,000 |
Income Tax Expense | 100,000 | 120,000 |
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Blue Bill Corporation | ||
Income Statement | ||
For the year ended 20xx | ||
2004 | 2003 | |
Net sales | $4,250,000 | $5,175,000 |
Cost of goods sold | $2,220,000 | $2,605,000 |
Gross Profit | ||
Operating Expenses | $650,000 | $720,000 |
Other Expenses | $120,000 | $115,000 |
Earnings Before Interest and Taxes (EBIT) | ||
Net interest expenses | $0 | $15,000 |
Income Tax Expense | ||
Net Earnings | ||
Earnings per share(1,250 shares issued) | ||
Blue Bill Corporation | ||
Balance Sheet | ||
December 31, 20xx | ||
2004 | 2003 | |
Current assets | ||
Cash and cash equivalents | $500,000 | $450,000 |
Accounts receivable | ||
Less: Doubtful accounts | ||
Inventory | $2,912,000 | $1,980,000 |
Other current assets | $45,000 | $50,000 |
Total current assets | ||
Net property, plant, and equipment | $250,000 | $200,000 |
Other assets | $16,000 | $15,000 |
Total assets | ||
Current liabilites | ||
Accounts payable | $1,000,000 | $900,000 |
Other current liabilities | $35,000 | $22,000 |
Long-term debt | $900,000 | $930,000 |
Equity | $1,793,000 | |
Total liabilities and equity | ||
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