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Old MathJax webview 4. The Comparative statements of Villa Tool Company are presented below: Villa Tool Company Balance Sheets December, 31, 2017 2017 Particulars 2016
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4. The Comparative statements of Villa Tool Company are presented below: Villa Tool Company Balance Sheets December, 31, 2017 2017 Particulars 2016 Assets Cash $60100 $64200 Short-term investment 69000 50000 Accounts Receivable 102800 117800 123000 Inventory Plant Assets (net) 600300 115500 520300 8,52,800 Total Assets 9,70,200 $160000 43,500 2,00.000 403500 $145400 42,000 2,00,000 387400 Liabilities and Stockholders' Equity Account Payable Income Taxes Payable Bonds Payable (10 years) Total Liabilities Stock holders' Equity Common Stock ($ 5 par) Retained earnings (ending equity) Total Stockholders' Equity Total Liabilities and stockholders' equity 2,80,000 2,86,700 3,00,000 1,65,400 465400 $8,52,800 566700 $9.70.200 Villa Tool Company Income Statement For the year ended December 31, 2017 2017 Particulars 2016 $1818500 $1750500 996000 101 1500 754500 Net Sales Cost of goods sold Gross Profit Selling and administrative expense Income from operations Other expenses and losses 8,07,000 516000 291000 479000 275500 Interest expense 18000 14000 Income before Income tax 261500 273000 81000 Income tax expense 77000 Net Income $192000 $184500 All sales were on account. The allowance for doubtful accounts was $3200 on December 31, 2017 and $3000 on December 31, 2016. Contd P/4 4. The Comparative statements of Villa Tool Company are presented below: Villa Tool Company Balance Sheets December, 31, 2017 2017 Particulars 2016 Assets Cash $60100 $64200 Short-term investment 69000 50000 Accounts Receivable 102800 117800 123000 Inventory Plant Assets (net) 600300 115500 520300 8,52,800 Total Assets 9,70,200 $160000 43,500 2,00.000 403500 $145400 42,000 2,00,000 387400 Liabilities and Stockholders' Equity Account Payable Income Taxes Payable Bonds Payable (10 years) Total Liabilities Stock holders' Equity Common Stock ($ 5 par) Retained earnings (ending equity) Total Stockholders' Equity Total Liabilities and stockholders' equity 2,80,000 2,86,700 3,00,000 1,65,400 465400 $8,52,800 566700 $9.70.200 Villa Tool Company Income Statement For the year ended December 31, 2017 2017 Particulars 2016 $1818500 $1750500 996000 101 1500 754500 Net Sales Cost of goods sold Gross Profit Selling and administrative expense Income from operations Other expenses and losses 8,07,000 516000 291000 479000 275500 Interest expense 18000 14000 Income before Income tax 261500 273000 81000 Income tax expense 77000 Net Income $192000 $184500 All sales were on account. The allowance for doubtful accounts was $3200 on December 31, 2017 and $3000 on December 31, 2016. Contd P/4
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