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How do I find ending inventory for 2011 from this information??? rtial ball nce sheet and income sta erit for King Corporation KING CORPORATION Partial
How do I find ending inventory for 2011 from this information???
rtial ball nce sheet and income sta erit for King Corporation KING CORPORATION Partial Balance Sheet Assets December 31, 2011 Current assets: Cash Marketable securities Trade receivables, less allowance of $6,000 Inventories, LIFO Prepaid expenses Total current assets Liabilities Current liabilities: Trade accounts payable Notes payable (primarily to banks) and commercial paper Accrued expenses and other liabilities Income taxes payable Current maturities of long-term debt Total current liabilities $ 33,493 215,147 255,000 523,000 26,180 $1,052,820 $ 103,689 210,381 120,602 3,120 22,050 $ 459,842 KING CORPORATION Partial Income Statement For Year Ended December 31, 2011 Net sales Miscellaneous income $3,050,600 45,060 $3,095,660 Costs and expenses: Cost of sales Selling, general, and administrative expenses Interest expense Income taxes $2,185,100 350,265 45,600 300,000 2,880,965 $ 214,695 Net income Note: The trade receivables at December 31, 2010, were $280,000, net of an allowance of $8,000, for a gross receivables figure of $288,000. The inventory at December 31, 2010, was $565,000Step by Step Solution
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