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Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars)
Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Assets Year 2 Year 1 Current assets: Cash $ 175 $ 240 Accounts receivable, net 270 290 Inventory Prepaid expenses 240 210 20 20 Total current assets 705 760 Plant and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities: 910 940 $ 1.615 $1.700 Accounts payable Accrued liabilities $210 $ 240 50 50 Notes payable, short term 40 40 Total current liabilities 300 330 Bonds payable Total liabilities Stockholders' equity: 200 270 500 600 Common stock, $2 par value 200 200 Additional paid-in capital 330 330 Retained earnings 585 570 Total stockholders' equity 1,115 1,100 Total liabilities & stockholders' equity $1,615 $1,700 Income Statement For the Year Ended December 31 Year 2 (in thousands of dollars) Sales tall on account) $1.250 Cost of goods sold 780 Gross margin 470 Selling and administrative expense 385 Interest expense Income taxes (30%) Net operating income Net income before taxes 85 20 65 20 $45 Net income Dividends on common stock doring Year 2 totaled $30 thousand. The market price of common stock at the end of Year 2 was $15.30 per share
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