Some recent financial statements for Earl Grey Golf Corp. follow. EARL GREY GOLF CORP. 2017 and...

Transcribed Image Text:

Some recent financial statements for Earl Grey Golf Corp. follow. EARL GREY GOLF CORP. 2017 and 2018 Statement of Financial Position Assets Liabilities and Owners' Equity 2017 2018 2017 2018 Current assets Current liabilities Cash Accounts receivable Inventory Total $ 24,046 12,448 25,392 $ 24,255 15,235 27,155 Accounts payable Notes payable $ 61,886 $ 66,645 Other Total $ 23,184 12,000 11,571 $ 27,420 10,800 15,553 $ 46,755 $ 53,773 Long-term debt $ 80,000 $ 95,000 Fixed assets Owners' equity Net plant and equipment $324,695 $365,734 Common stock and paid-in surplus $ 40,000 $ 40,000 Retained earnings Total 219,826 $259,826 243,606 $283,606 Total assets $386,581 $432,379 Total liabilities and owners' equity $386,581 $432,379 EARL GREY GOLF CORP. 2018 Statement of Comprehensive Income Sales $366,996 Cost of goods sold 253,122 Depreciation Earnings before interest and tax Interest paid Taxable income Taxes (35%) 32,220 $ 81,654 14,300 $ 67,354 23,574 CH Some recent financial statements for Earl Grey Golf Corp. follow. EARL GREY GOLF CORP. 2017 and 2018 Statement of Financial Position Assets Liabilities and Owners' Equity 2017 2018 2017 2018 Current assets Current liabilities Cash Accounts receivable Inventory Total $ 24,046 12,448 25,392 $ 24,255 15,235 27,155 Accounts payable Notes payable $ 61,886 $ 66,645 Other Total $ 23,184 12,000 11,571 $ 27,420 10,800 15,553 $ 46,755 $ 53,773 Long-term debt $ 80,000 $ 95,000 Fixed assets Owners' equity Net plant and equipment $324,695 $365,734 Common stock and paid-in surplus $ 40,000 $ 40,000 Retained earnings Total 219,826 $259,826 243,606 $283,606 Total assets $386,581 $432,379 Total liabilities and owners' equity $386,581 $432,379 EARL GREY GOLF CORP. 2018 Statement of Comprehensive Income Sales $366,996 Cost of goods sold 253,122 Depreciation Earnings before interest and tax Interest paid Taxable income Taxes (35%) 32,220 $ 81,654 14,300 $ 67,354 23,574 CH