Question
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 $ 155 $ 200 Accounts receivable, net Inventory Prepaid expenses Total current assets Plant and equipment, net Total assets 230 250 200 170 20 20 605 640 790 780 $ 1,395 $ 1,420 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 170 $ 200 Accrued liabilities 50 50 Notes payable, short term 40 40 Total current liabilities 260 290 Bonds payable Total liabilities Stockholders' equity: Common stock, $2 par value Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities & stockholders' equity Income Statement For the Year Ended December 31, Year 2 160 190 420 480 200 200 330 330 445 410 975 940 $ 1,395 $ 1,420 (in thousands of dollars). Sales (all on account) Cost of goods sold Gross margin Selling and administrative expense Net operating income Interest expense Net income before taxes $ 1,210 740 470 345 125 20 105
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