Data Sheet

31-Dec-17

31-Dec-16

Accounts receivable (net)

275,000

196,500

Accumulated Depreciation

300,000

200,000

Additional Paid in Capital-Common

600,000

400,000

Administrative expenses

371,000

475,000

Bond payable, 10% due 2025

500,000

500,000

Cash

162,000

120,000

Common stock, $2 par

200,000

100,000

Cost of goods sold

1,550,000

1,420,500

Current liabilities

267,000

268,000

Depreciation Expense

100,000

100,000

Dividends on common stock

40,000

40,000

Dividends on preferred stock

12,500

12,500

Gain on Sale of Land

125,000

0

Income tax expense

168,000

118,750

Inventories

417,000

132,500

Long-term investments

299,500

250,000

Temporary Investments

387,000

67,500

Mortgage note payable, 9%, due 2030

600,000

0

Other expense (interest)

98,000

50,000

Other income

48,000

47,500

Preferred $2.00 stock, $50 par

500,000

500,000

Prepaid expenses

27,500

30,000

Property, plant, and equipment

2,775,000

2,100,000

Retained earnings, 1/1

928,500

781,500

Sales

3,415,000

3,062,500

Sales returns and allowances

35,000

22,500

Selling expenses

726,000

723,750

Treasury Stock

40,000

0

In addition to the information above, you also need to know the following:

1) The long-term investments were purchased at cost.

2) The land that was sold had originally cost $325,000 and was sold for $490,000 Cash,

3) Treasury Stock, 5000 shares, were purchased in 2017 for $40,000

4) 20,000 shares of common stock were issued in 2017 at a price of $15 per share

Income Statement
	31-Dec-17	31-Dec-16
Sales	3415000	3062500
Less: Sales return and allowance	-35000	-22500
Net Sales	3380000	3040000
Less: Expense
Cost of Goods Sold	-1550000	-1420500
Gross Profit	1830000	1619500
Administrative expense	-371000	-475000
Depreciation expense	-100000	-100000
Selling expense	-726000	-723750
Total operating expense	-1197000	-1298750
Income from Operation	633000	320750
Gain on sale of land	125000
Other income	48000	47500
Other expense	-98000	-50000
Income before tax	708000	318250
Less: Income tax	-168000	-118750
Net Income	540000	199500

Create a Statement of Stockholders' Equity for 2017 only