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please send me the solution PRECISION COMPANY Comparative Balance Sheets December 21, 2011 and 2010 2011 ON COMPANY Income Statements ecember 31, 2011 and 2010
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PRECISION COMPANY Comparative Balance Sheets December 21, 2011 and 2010 2011 ON COMPANY Income Statements ecember 31, 2011 and 2010 2010 $2.686,000 $2.075.000 1.527.000 1.222.000 963.000 850.000 ***** 2010 Assets Current Cash Short-term investment Accounts receivable.net Merchandise inventory Toual current Plantes Store equipment, et Oflice equipment, et Buildings.net Land Tocal plants Toalets $ 79,000 $42.000 65.000 96.000 120.000 100.000 250,000 265.000 514,000 503.000 145.000 100.000 240,000 280.000 165.000 200,000 100,000 45.000 26.000 35.000 85.000 75.000 17 000 15.000 778,000 750.000 185.000 100.000 44,000 46.000 141,000 57000 47.000 19.000 $ 94,000 $28.000 600.000 350.000 45.000 50.000 625.000 675 000 100,000 100.000 L170,000 LIS.000 $1.694.000 $1.678.000 0.99 $ 0.40 $ 164.000 $ 190.000 75,000 90.000 26.000 12.000 245.000 292.000 Liabilities Current liabilities Accounts poble Short-term nors papable Taxes payable Total current liabilities Long-term labiicies Notes payable (ecured by more on buildings Toulobes Stockholders' Equity Common stock 55 par value Retained earning Total stockholders equity Total abilities and equity 400.000 665,000 420.000 712.000 475.000 475.000 514.000 491.000 1.019.000 966.000 $1.684.000 $1.678.000 PLANNING THE SOLUTION Set up a four-column income statement, enter the 2011 and 2010 amounts in the first two columns and then enter the dollar change in the third column and the percent change from 2010 in the fourth column Set up a four-column balance sheet, enter the 2011 and 2010 year-end amounts in the first two columns and then compute and enter the amount of each item as a percent of total assets. Compute the required ratios using the data provided. Use the average of beginning and ending amounts when appropriate (see Exhibit 17.16 for definitions). 2010 Comparative Income Statements For Years Ended December 31, 2011 and 2010 2011 Sales ..... $2,486,000 $2,075,000 Cost of goods sold 1,523,000 1,222,000 Gross profit.... 963.000 853,000 Operating expenses Advertising expense 145,000 100,000 Sales salaries expense 240,000 280,000 Office salaries expense 165,000 200,000 Insurance expense 100,000 45,000 Supplies expense 26,000 35,000 Depreciation expense 85,000 75,000 Miscellaneous expenses 17,000 15,000 Total operating expenses 778,000 750,000 Operating income ..... 185.000 103,000 Interest expense 44,000 46,000 Income before taxes 141,000 57,000 Income taxes 47.000 19,000 Net income $ 94,000 $ 38,000 Assets Current Cash Short- Accour Merch Total cu Plant asse Store Office Buildin Land Totalp Total asse Liabilitie Current Accour Short- Earnings per share. $ 0.99 $ 0.40 Taxes Total cu Long-termStep by Step Solution
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