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Proceeds from sale of equipment A. 1,241,000 B. 119,000 C. 12,000 D. 22,000 Johnston Enterprises Balance Sheet and Income Statement Data 31-Dec-18 31-Dec-17 Current Assets:
Proceeds from sale of equipment
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A. 1,241,000
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B. 119,000
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C. 12,000
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D. 22,000
Johnston Enterprises | ||
Balance Sheet and Income Statement Data | ||
31-Dec-18 | 31-Dec-17 | |
Current Assets: | ||
Cash | 153,000 | 119,000 |
Accounts Receivable | 238,000 | 306,000 |
Inventory | 391,000 | 340,000 |
Total Current Assets | 782,000 | 765,000 |
Property, Plant, and Equipment | 1,241,000 | 1,122,000 |
Less: Accumulated Depreciation | (476,000) | (442,000) |
Property, plant & equip, net | 765,000 | 680,000 |
Total Assets | 1,547,000 | 1,445,000 |
Current Liabilities: | ||
Accounts Payable | 187,000 | 102,000 |
Dividends Payable | 51,000 | 68,000 |
Salaries and wages payable | 85,000 | 76,500 |
Total Current Liabilities | 323,000 | 246,500 |
Bonds Payable | 340,000 | 391,000 |
Total Liabilities | 663,000 | 637,500 |
Stockholders' Equity: | ||
Common Stock | 510,000 | 467,500 |
Retained Earnings | 374,000 | 340,000 |
Total Stockholders' Equity | 884,000 | 807,500 |
Total Liabilities & Stockholders' Equity | 1,547,000 | 1,445,000 |
Sales Revenue | 1,615,000 | 1,513,000 |
Less Cost of Goods Sold | 751,000 | 731,000 |
Gross Profit | 864,000 | 782,000 |
Expenses: | ||
Depreciation Expense | 153,000 | 136,000 |
Salaries and Wages Expense | 391,000 | 357,000 |
Interest Expense | 34,000 | 34,000 |
Loss on Sale of Equipment | 12,000 | - |
Income Before Taxes | 274,000 | 255,000 |
Less Income Tax Expense | 110,000 | 102,000 |
Net Income | 164,000 | 153,000 |
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