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Sally Summers Company Income Statement For the Year Ended December 31, 2012 (in Thousands) Sales 5,000 2,570 65 1,771 Operating Expenses: Cost of Goods Sold
Sally Summers Company Income Statement For the Year Ended December 31, 2012 (in Thousands) Sales 5,000 2,570 65 1,771 Operating Expenses: Cost of Goods Sold Depreciation Expense Other selling and administrative Total Operating Expenses Operating Income Gain on sale of investment Income Before taxes Income taxes Net Income 4,406 594 12 606 (38) 568 Sally Summers Company Statement of Changes in Retained Earnings For the Year Ended December 31, 2012 (in Thousands) Retained Earnings, Jan. 1 Net Income 950 568 1,518 138 1,380 Dividends Retained earnings, Dec. 31 Sally Summers Company Balance Sheet As of December 31, 2012 in Thousands) 2012 2011 Current Assets Cash 1,755 660 Accounts Receivable 1,006 800 Inventory 160 477 Supplies 33 85 Total Current Assets 2,954 2,022 Equipment Accumulated Depreciation Total Long-Term Assets 851 (117) 734 600 (52) 548 Investments Total Assets 52 3,740 99 2,669 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Taxes Payable Total Current Liabilities 974 16 990 809 10 819 Bonds Payable Total Liabilities 250 1,240 0 819 Stockholders' Equity Common Stock Retained Earnings Treasury Stock Total Stockholders' Equity 1,200 1,380 (80) 2,500 900 950 0 1,850 Total Liabilities and SE 3,740 2,669 Sally Summers Company Statement of Cash Flows For the Year Ended December 31, 2012 (in thousands)
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