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MOOSE TOURS, INC. 2018 Income Statement Sales $929,000 Costs 723,000 Other expenses 19,000 Earnings before interest and taxes $187,000 Interest paid 14,000 Taxable income
MOOSE TOURS, INC. 2018 Income Statement Sales $929,000 Costs 723,000 Other expenses 19,000 Earnings before interest and taxes $187,000 Interest paid 14,000 Taxable income $173,000 Taxes 60,550 Net income $112,450 Dividends Addition to retained earnings $33,735 78,715 Assets MOOSE TOURS, INC. Balance Sheet as of December 31, 2018 Liabilities and Owners' Equity Current assets Current liabilities Cash $ 25,300 Accounts payable Accounts receivable 40,700 Notes payable Inventory 86,900 Total Total $152,900 Long-term debt $ 68,000 17,000 $ 85,000 $158,000 Fixed assets Owners' equity Net plant and equipment 413,000. Common stock and paid-in surplus $140,000 Total assets Retained earnings 182.900 Total $322,900 $565,900 Total liabilities and owners' equity $565,900
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