QUIZ (MUST BE TYPED)

With the information given below, construct Pedro Inc.s Balance Sheet, Income Statement and Retained Earnings Statement for 2016 (NO PREFERRED STOCK).

(In 000s)

December 31, 2016

Cash $ ?

Notes Payable 500,000

Sales 10,000,000

Accounts Receivable 850,000

Accounts Payable 1,200,000

Long-term Debt 18,000,000

Common Stock (10,000 shares) 10,000

Additional Capital 4,990,000

Retained Earnings (2015) 5,050,000

Gross Fixed Assets 32,350,000

Cost of Goods Sold 4,000,000

Other Operating Expenses 1,450,000

Inventory 1,980,000

Interest Expense 2,500,000

Tax Rate 50%

Depreciation Expense 50,000

Accumulated Depreciation 6,050,000

Dividends 5,000

Pedros

INCOME STATEMENT

2016 (in 000s)

Pedros

STATEMENT OF RETAINED EARNINGS

2016 (in 000s)

Pedros

BALANCE SHEET

2016 (in 000s)

Cash & MS $___________ Accounts Payable $___________

Accounts Receivable