Question
The following information pertains to The Unique Boutique Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all
The following information pertains to The Unique Boutique Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Assets
Cash and short-term investments | $ 40,000 |
Accounts receivable (net) | 25,000 |
Inventory | 20,000 |
Property, plant and equipment | 210,000 |
Total Assets | $295,000 |
Liabilities and Stockholders' Equity
Current liabilities | $ 60,000 |
Long-term liabilities | 85,000 |
Stockholders' equity-common | 150,000 |
Total Liabilities and Stockholders' Equity | $295,000 |
Income Statement
Sales revenue | $ 85,000 |
Cost of goods sold | 45,000 |
Gross margin | 40,000 |
Operating expenses | 20,000 |
Net income | $ 20,000 |
Number of shares of common stock | 6,000 |
Market price of common stock | $20 |
Dividends per share on common stock | 0.90 |
Cash provided by operations | $30,000 |
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Government and Not-for-Profit Accounting Concepts and Practices
Authors: Michael H. Granof, Saleha B. Khumawala, Thad D. Calabrese, Daniel L. Smith
8th edition
1119495814, 1119495857, 1119495819, 9781119495819 , 978-1119495857
