Posted: August 9th, 2016

What is the new office structure?

Financial data of Fancy Footwork Company for 2013 and 2012 are presented below.

FANCY FOOTWORK COMPANY
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2013 AND 2012

2013 2012
Cash $ 260,000 $ 230,000
Receivables $ 156,000 $ 120,000
Inventory $ 180,000 $ 220,000
Plant assets $ 160,000 $ 135,000
Accumulated depreciation $ (80,000) $ (76,000)
Long-term investments (held-to-maturity) $ 80,000 $ 93,000
$ 756,000 $ 722,000

Accounts payable $ 135,000 $ 122,000
Accrued liabilities $ 30,000 $ 33,100
Bonds payable $ 135,000 $ 166,000
Common stock $ 180,000 $ 165,000
Retained earnings $ 276,000 $ 235,900
$ 756,000 $ 722,000

FANCY FOOTWORK COMPANY
INCOME STATEMENT
For the year ended Dec 31, 2013
Sales 750000
Cost of Goods Sold 530000
Gross Margin 220000
Selling and administrative expenses 106000
Income from Operations 114000
Other revenues and gains
Gain on sale of investments 7000
Income before tax 121000
Income tax expense 48400