Financing Deficit
Garlington Technologies Inc.'s 2016 financial statements are
shown below:
Balance Sheet as of December...
Financing Deficit
Garlington Technologies Inc.'s 2016 financial statements are
shown below:
Balance Sheet as of December 31, 2016
Cash
$ 180,000
Accounts payable
$ 360,000
Receivables
360,000
Notes payable
156,000
Inventories
720,000
Line of credit
0
Total current assets
$1,260,000
Accruals
180,000
Fixed assets
1,440,000
Total current liabilities
$ 696,000
Common stock
1,800,000
Retained earnings
204,000
Total assets
$2,700,000
Total liabilities and equity
$2,700,000
Income Statement for December 31, 2016
Sales
$3,600,000
Operating costs
3,279,720
EBIT
$ 320,280
Interest
18,280
Pre-tax earnings
$ 302,000
Taxes...
Financing Deficit Garlington Technologies Inc.'s 2016 financial
statements are shown below: Balance Sheet as of December...
Financing Deficit Garlington Technologies Inc.'s 2016 financial
statements are shown below: Balance Sheet as of December 31, 2016
Cash $ 180,000 Accounts payable $ 360,000 Receivables 360,000 Notes
payable 156,000 Inventories 720,000 Line of credit 0 Total current
assets $1,260,000 Accruals 180,000 Fixed assets 1,440,000 Total
current liabilities $ 696,000 Common stock 1,800,000 Retained
earnings 204,000 Total assets $2,700,000 Total liabilities and
equity $2,700,000 Income Statement for December 31, 2016 Sales
$3,600,000 Operating costs 3,279,720 EBIT $ 320,280 Interest 18,280...
Problem 12-09
Financing Deficit
Garlington Technologies Inc.'s 2016 financial statements are
shown below:
Balance Sheet as...
Problem 12-09
Financing Deficit
Garlington Technologies Inc.'s 2016 financial statements are
shown below:
Balance Sheet as of December 31, 2016
Cash
$ 180,000
Accounts payable
$ 360,000
Receivables
360,000
Notes payable
156,000
Inventories
720,000
Line of credit
0
Total current assets
$1,260,000
Accruals
180,000
Fixed assets
1,440,000
Total current liabilities
$ 696,000
Common stock
1,800,000
Retained earnings
204,000
Total assets
$2,700,000
Total liabilities and equity
$2,700,000
Income Statement for December 31, 2016
Sales
$3,600,000
Operating costs
3,279,720
EBIT
$ 320,280
Interest
18,280
Pre-tax earnings...
Financing Deficit
Garlington Technologies Inc.'s 2019 financial statements are
shown below:
Income Statement for December 31,...
Financing Deficit
Garlington Technologies Inc.'s 2019 financial statements are
shown below:
Income Statement for December 31, 2019
Sales
$4,000,000
Operating costs
3,200,000
EBIT
$ 800,000
Interest
120,000
Pre-tax earnings
$ 680,000
Taxes (25%)
170,000
Net income
510,000
Dividends
$ 190,000
Balance Sheet as of December 31, 2019
Cash
$ 160,000
Accounts payable
$ 360,000
Receivables
360,000
Line of credit
0
Inventories
720,000
Accruals
200,000
Total CA
$1,240,000
Total CL
$ 560,000
Fixed assets
4,000,000
Long-term bonds
1,000,000
Total Assets
$5,240,000
Common stock
1,100,000
RE
2,580,000
Total...
Financing Deficit Garlington Technologies Inc.'s 2019 financial
statements are shown below:
Income Statement for December 31,...
Financing Deficit Garlington Technologies Inc.'s 2019 financial
statements are shown below:
Income Statement for December 31, 2019
Sales $4,000,000
Operating costs 3,200,000
EBIT $ 800,000
Interest 120,000
Pre-tax earnings $ 680,000
Taxes (25%) 170,000
Net income 510,000
Dividends $ 190,000
Balance Sheet as of December 31, 2019
Cash $ 160,000
Accounts payable $ 360,000
Receivables 360,000
Line of credit 0
Inventories 720,000
Accruals 200,000
Total CA $1,240,000
Total CL $ 560,000
Fixed assets 4,000,000
Long-term bonds 1,000,000
Total Assets $5,240,000...
Garlington Technologies Inc.'s 2019 financial statements are
shown below:
Income Statement for December 31, 2019
Sales...
Garlington Technologies Inc.'s 2019 financial statements are
shown below:
Income Statement for December 31, 2019
Sales
$4,000,000
Operating costs
3,200,000
EBIT
$ 800,000
Interest
120,000
Pre-tax earnings
$ 680,000
Taxes (25%)
170,000
Net income
510,000
Dividends
$ 190,000
Balance Sheet as of December 31, 2019
Cash
$ 160,000
Accounts payable
$ 360,000
Receivables
360,000
Line of credit
0
Inventories
720,000
Accruals
200,000
Total CA
$1,240,000
Total CL
$ 560,000
Fixed assets
4,000,000
Long-term bonds
1,000,000
Total Assets
$5,240,000
Common stock
1,100,000
RE
2,580,000
Total L&E
$5,240,000...
Morrissey Technologies Inc.'s 2019 financial statements are
shown here.
Morrissey Technologies Inc.: Balance Sheet
as of...
Morrissey Technologies Inc.'s 2019 financial statements are
shown here.
Morrissey Technologies Inc.: Balance Sheet
as of December 31, 2019
Cash
$180,000
Accounts payable
$360,000
Receivables
360,000
Notes payable
56,000
Inventories
720,000
Accrued liabilities
180,000
Total current assets
$1,260,000
Total current liabilities
$596,000
Long-term debt
100,000
Fixed assets
1,440,000
Common stock
1,800,000
Retained earnings
204,000
Total assets
$2,700,000
Total liabilities and equity
$2,700,000
Morrissey Technologies Inc.: Income
Statement for December 31, 2019
Sales
$3,600,000
Operating costs including depreciation
3,279,720
EBIT
$320,280...
Consider the following financial statements for Industrial
Supply Company.
(Actual)
December 31,
Balance sheet
Year 1...
Consider the following financial statements for Industrial
Supply Company.
(Actual)
December 31,
Balance sheet
Year 1
Comments
Assets
Cash
$ 400,000
20% increase (assumption)
Accounts receivable
2,000,000
20% increase (assumption)
Inventories
4,400,000
20% increase (assumption)
Total current assets
$ 6,800,000
Fixed assets, net
$ 1,200,000
20% increase (assumption)
Total assets (A)
$ 8,000,000
Liabilities and Equity
Accounts payable (CL)
$ 1,200,000
20% increase (assumption)
Notes payable
1,500,000
Total current liabilities
$ 2,700,000
Long-term debt
500,000
No change (assumption)
Stockholders’ equity
4,800,000
Total liabilities and equity
$ 8,000,000...
Financial statements for AAR Company appear below:
AAR Company
Balance Sheet
December 31
Current assets:
...
Financial statements for AAR Company appear below:
AAR Company
Balance Sheet
December 31
Current assets:
Cash and marketable securities
$21,000
Accounts receivable, net
160,000
Inventory
300,000
Prepaid expenses
9,000
Total current assets
490,000
Noncurrent assets:
Plant & equipment, net
810,000
Total assets
$1,300,000
Current liabilities:
Accounts payable
$75,000
Accrued liabilities
25,000
Notes payable, short term
100,000
Total current
liabilities
200,000
Noncurrent liabilities:
Bonds payable
300,000...
Following are partially completed financial statements (income
statement, statement of retained earnings, and balance sheet)
for...
Following are partially completed financial statements (income
statement, statement of retained earnings, and balance sheet)
for
Loving
Corporation. Complete the financial statements. All amounts are
in millions.
Loving Corporation
Income Statement
Year Ended December 31, 2018
(millions)
Net sales
$186
Expenses
106
Net income (loss)
$ a
Loving Corporation
Statement of Retained Earnings
Year Ended December 31, 2018
(millions)
Beginning retained earnings
$72
Net income
b
Cash dividends declared
(9)
Ending retained earnings
$ c
Loving Corporation
Balance Sheet
December...