"HANDLEY LTD$.$

Statement of Financial Position

Dec $31"$

Assets

Cash $84,50079,900$

Accounts Receivable $115,000108,000$

Inventory $157,000147,000$

Prepaid Expenses $34,90032,900$

Long$-$term investment $54,10043,100$

PPE $($net$)468,000360,000$

Total Assets $913,500770,900$

Liabilities & Shareholders' Equity

Liabilities

Accounts Payable $54,00050,000$

Accrued Liabilities $35,90039,700$

Bank Loan Payable $($current$)130,000121,000$

Bank Loan Payable $($due $2031)238,000180,000$

Total Liabilities $457,900390,700$

Shareholders' Equity

Common Shares $(40,400$ shares issued$)241,00024,100$

Retained Earnings $211,980139,200$

Accumulated other comprehensive income $2,6200$

Total Shareholder's Equity $455,600380,200$

Total Liabilities & Shareholder's Equity $913,500770,900$

"HANDLEY LTD$.$

Statement of Comprehensive Income

Year Ended December $31"$

$20242023$

Sales $1,080,000755,000$

Cost of Goods Sold $718,000515,000$

Gross Profit $362,000240,000$

Operating Expenses $222,000145,000$

Income from Operations $140,00095,000$

Interest Expense $39,60018,000$

Income before income tax $100,40077,000$

Income Tax Expense $26,20018,100$

Net Income $74,20058,900$

Other comprehensive income $2,6200$

Total comprehensive income $76,82058,900$

$1.$ Ninety percent of the sales were on account.

$2.$ Inventory at the beginning of $2023$ was $105,000.$

$3.$ Total assets at the beginning of $2023$ were $681,000.$

$4.$ Total liabilities at the beginning of $2023$ were $353,000.$

$5.$ Total current liabilities at the beginning of $2023$ were $171,000.$

$6.$ Retained earnings at the beginning of $2023$ were $90,000,$ and shareholder's equity was $328,000.$

$7.$ Accounts receivable at the beginning of $2023$ were $79,300,$ net of an allowance for expected credit losses of $2,690.$

$8.$ In $2024,1,420$ of dividends was paid to the common shareholders.

$9.$ The allowance for expected credit losses was $4,730$ in $2023$ and $7,540$ in $2024.$

$10.$ Net cash provided by operating activities was $$127,500$ in $2023$ and $$144,700$ in $2024.$

$11.$ Net capital expenditures were $60,200$ in $2023$ and $149,100$ in $2024.$