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Financial statements for Askew Industries for 2013 are shown below: 2013 Income Statement ($ in 000s) Sales $ 9,200 Cost of goods sold (6,350 )
Financial statements for Askew Industries for 2013 are shown below: |
2013 Income Statement | |||
($ in 000s) | |||
Sales | $ | 9,200 | |
Cost of goods sold | (6,350 | ) | |
Gross profit | 2,850 | ||
Operating expenses | (2,050 | ) | |
Interest expense | (220 | ) | |
Tax expense | (232 | ) | |
Net income | $ | 348 | |
Comparative Balance Sheets | ||||||||
Dec. 31 | ||||||||
2013 | 2012 | |||||||
Assets | ||||||||
Cash | $ | 620 | $ | 520 | ||||
Accounts receivable | 620 | 420 | ||||||
Inventory | 820 | 620 | ||||||
Property, plant, and equipment (net) | 2,200 | 2,300 | ||||||
$ | 4,260 | $ | 3,860 | |||||
Liabilities and Shareholders' Equity | ||||||||
Current liabilities | $ | 1,220 | $ | 970 | ||||
Bonds payable | 1,500 | 1,500 | ||||||
Paid-in capital | 620 | 620 | ||||||
Retained earnings | 920 | 770 | ||||||
$ | 4,260 | $ | 3,860
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