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unit6 q1 Matthias Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2012 and 2013 follow Matthias
unit6 q1
Matthias Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2012 and 2013 follow Matthias Medical Comparative Balance Sheet As of December 31 2013 2012 Assets Current assets Cash Accounts receivable, net Inventory Other current assets $417,450 776,450 681,000 247,100 2,611,400 2,122,000 8,439,865 $11,263,145 $10,561,865 $393,000 1,087,000 750,000 381,400 Total current assets Property, plant, & equipment, net 8,651,745 Total assets Liabilities and Stockholders' Equity Current liabilities Long-term debt $3,203,000 3,702,650 6,905,650 59,000 104,650 4,193,845 4,357,495 $11,263,145 2,846,000 3,892,650 6,738,650 58,950 103,850 3,660,415 3,823,215 $10,561,865 Total liabilities Preferred stock, $5 par value Common stock, $0.25 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Matthias Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2013 2012 Sales revenue (all on account) Cost of goods sold $10,177,200 $9,614,000 5,298,750 4,315,250 2,634,200 1,681,050 308,600 1,423,400 1,372,450 411,735 $960,715 5,613,200 4,564,000 2,840,200 1,723,800 Gross profit Operating expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income Dividends paid 300,400 427,020 $996,380 Preferred dividends Common dividends Total dividends paid Net income retained 29,500 433,450 462,950 533,430 3,660,415 $4,193,845 29,550 413,050 442,600 518,115 3,142,300 $3,660,415 Retained earnings, beginning of year Retained earnings, end of yearStep by Step Solution
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