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Really really need help! Thanks in advance!! Pippin Piping Co. manufactures decorative fabric trims. The company's financial statements follow Pippin Piping Co. For the Years
Really really need help! Thanks in advance!!
Pippin Piping Co. manufactures decorative fabric trims. The company's financial statements follow Pippin Piping Co. For the Years Ended December 31 2016 2015 2014 Sales revenue Cost of goods sold Gross margin Operating expenses Operating income Other revenue Interest expense $576,600 $523,000 $484,200 291,000 259,200 234,300 285,600 263,800 249,900 106,200 104,600 104,100 179,400 159,200 145,800 22,500 15,900 23,900 11,200 10,500 11,900 Income before income tax 190,700 164,600 157,800 Income tax expense (40%) 76,280 65,840 63,120 $114,420 $98,760 $94,680 Net income Pippin Piping Co. As of December 31 Assets 2016 2015 2014 $32,000 $25,800 $20,500 7,000 94,300 80,700 56,000 4,600 229,860 243,500 175,400 668,900 576,000 540,300 $898,760 $819,500 $715,700 Cash Accounts receivable (net) 126,860 127 60,000 Prepaid expenses 11,000 10,000 Total current assets Property & equipment (net) Total Assets Liabilities and Stockholders' Equity Accounts payable Accrued expenses $53,120 $81,200 $79,100 11,000 12,240 41,700 93,440 120,800 170,000 160,000 150,000 234,120 253,440 270,800 Total current liabilities 64,120 Long-term debt Total liabilities Stockholders Equity Common stock, $0.50 par value Additional paid-in capital Retained earnings 6,000 6,000 5,000 99,000 99,000 62,000 559,640 461,060 377,900 664,640 566,060 444,900 Total Liabilities and Stockholders' Equity $898,760 $819,500 $715,700 Total stockholders' equityStep by Step Solution
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