Question 24 2-3-7 How many shares of common stock did they issue (sell) in year 2000? Edit View Insert Format Tools Table 12pt Paragraph BI U A Tv : Income Statement Cline Custom Bikes Income Statement (5000) For year ended December 31, 2000 $2,200 $1.420 $ 780 Sales revenue Less Cost of goods sold Gross profit Less operating expenses Selling expense GRA Depreciation Total operating expenses Operating profits Less Interest expense Net profit before tax Less taxes (30%) Net profitatertas $300 $270 5.600 $ 180 $.29 $ 151 5.45 $ 106 Statement of Retained Earnings Retained Earnings balance an 12000 Plus: net profit after tax (for 2000) Less cash dividends on common $ 80 106 175 Retained Earnings balance (Dec 31, 2000) $ 110 30 tv A Balance Sheet (5000) December 31 Assets 2000 1999 $ 30 Current assets Cash Marketable Securities Accounts receivable Inventory Total Current Assets Gross Fixed Assets less accumulated depreciation Net fixed assets 10 320 460 $ 820 $ 560 $180 $ 380 $ 50 20 350 320 $ 740 $ 520 $ 150 $ 370 Total Assets $1,200 $1,110 Liabilities & stockholders' equity Current liabilities Accounts payable Notes payable Accruals Total current liabilities $ 390 $ 110 $20 $ 840 $ 320 $ 90 $20 $ 780 Stockholders' Equity Common stock (500,000 shares $0.20 par) Pald-in capital in excess of par Retained earnings Total stockholders' equity $ 100 $ 150 $ 110 $360 $ 100 $ 150 $.99 $.330 Total abilities & stockholders' equity $1,200 $1,110 30 sty