Question
Condensed balance sheet and income statement data for Jernigan Corporation are presented here. JERNIGAN CORPORATION Balance Sheets December 31 2014 2013 2012 Cash $ 31,521
Condensed balance sheet and income statement data for Jernigan Corporation are presented here.
JERNIGAN CORPORATION Balance Sheets December 31 | ||||||
2014 | 2013 | 2012 | ||||
Cash | $ 31,521 | $ 21,521 | $ 19,521 | |||
Accounts receivable (net) | 51,521 | 46,521 | 49,521 | |||
Other current assets | 95,804 | 100,804 | 69,804 | |||
Investments | 60,804 | 75,804 | 50,804 | |||
Plant and equipment (net) | 500,000 | 370,000 | 358,000 | |||
$739,650 | $614,650 | $547,650 | ||||
Current liabilities | $ 86,521 | $ 81,521 | $ 71,521 | |||
Long-term debt | 150,804 | 90,804 | 55,804 | |||
Common stock, $10 par | 325,804 | 315,804 | 305,804 | |||
Retained earnings | 176,521 | 126,521 | 114,521 | |||
$739,650 | $614,650 | $547,650 |
JERNIGAN CORPORATION Income Statements For the Years Ended December 31 | ||||
2014 | 2013 | |||
Sales revenue | $745,804 | $605,804 | ||
Less: Sales returns and allowances | 41,521 | 31,521 | ||
Net sales | 704,283 | 574,283 | ||
Cost of goods sold | 430,804 | 355,804 | ||
Gross profit | 273,479 | 218,479 | ||
Operating expenses (including income taxes) | 181,521 | 151,521 | ||
Net income | $ 91,958 | $ 66,958 |
Additional information:
1. | The market price of Jernigan |
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