Posted: August 9th, 2016

What is a stockholder?

The partially completed 2012 balance sheet and income statement for Challenge Industries are given below. Also provided are selected ratio values for the firm based on its completed 2012 Financial statements. Use the ratios along with the partially completed statements to create completed financial statements for the organization. Hint: Use the ratios in the order listed to calculate the missing statement values that need to be installed in the partial statements.

Challenge Industries Inc, Balance Sheet
At December 31, 2012 (in $thousands)

Current Assets
Cash $52,000
Marketable Securities $60,000
Accounts Receivable $200,000
Total Current Assets_____?
Fixed Assets (gross) ?
Less Accumulated
depreciation $240,000
Net Fixed assets _____?
Total Assets______?

Liabilities and Equity

Current Liabilities
Accounts Payable $150,000
Notes Payable_____?
Accruals $80,000
Total Current Liabilities______?
Long-term debt $425,000
Total Liabilities _____?
Stockholders Equity
Preferred Stock ?
Common Stock (at par) $150,000
Paid -in capital in excess of par ?
Retained earnings $390,000
Total Stockholders equity _____?
Total liabilities and stockholders equity_____?

Challenge Industries Inc
Income Statement
For the year ended December 31, 2012 (in $ thousands)

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