Posted: October 9th, 2016

Prepare an ending 1998 Income Statement and Balance Sheet from the following information?

1) Prepare an ending 1998 Income Statement and Balance Sheet from the following information: Sales $800,000; Cost of Goods Sold $300,000; Accounts Receivables $20,000; Bonds Outstanding $160,000; Accounts Payable ,000; Advertising Expense $1,000; Administrative Expenses $35,000; Interest Expense $24,000; Depreciation Expense $40,000; Dividends Paid $137,000; Rent Expense $5,000; Accruals $20,000; Common Stock $100,000; Retained Earnings $245,000 (Beginning 0f 1998); Cash $20,000; Inventory $45,000; Net Fixed Assets 0,000 (Beginning of 1998). (Assume a 40% Tax Rate.)
2) Company XYZ
Balance Sheet
(In Millions)
Jan. 1 Dec. 31 Source Use
ASSETS
Cash $25 $20 _____ _____
Mkt. Sec. 30 22 _____ _____
Accounts Rec. 50 60 _____ _____
Inventory 120 150 _____ _____
Total Curr. Assets $225 $252 _____ _____
Gross Fixed Assets $155 $170 _____ _____
Less: Accum. Dep. (47) (55) _____ _____
Net Fixed Assets $108 $115 _____ _____
Total Assets $333 $367
LIABILITIES
Accounts Payable $41 $35 _____ _____
Notes Payable 30 15 _____ _____
Other Liabilities 19 35 _____ _____
Long Term Debt 21 25 _____ _____
Total Liabilities $111 $110