64.) Using Financial Statements for 2018-2019. Net book value for 2019 is $8,394,200. TRUE OR FALSE?
64.) Using Financial Statements for 2018-2019. Net book value for 2019 is $8,394,200. TRUE OR FALSE?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
64.) Using Financial Statements for 2018-2019. Net book value for 2019 is $8,394,200.
TRUE OR FALSE?
![Balance Sheet
2019
2018
Income Statement
2019
2018
Assets
Sales
$ 51,000,000 $ 47,000,000
Cash
$
5,100,000 $
4,900,000
Operating Expenses:
Marketable Securities
102,000
98,000
Cost of Goods Sold
5,100,000
4,700,000
Accounts Receivable
1,632,000
1,568,000
Depreciation
2,550,000
2,350,000
Inventories
2,856,000
$
2,744,000
Selling & Admn. Expenses
6,120,000
5,640,000
Total Current Assets
9,690,000 $
9,310,000
Total Operating Expenses
$ 13,770,000 $ 12,690,000
Property, Plant, & Equipment
3,264,000
3,136,000
Operating Income
37,230,000
34,310,000
Other Fixed Assets
2,703,000
2$
2,597,000
Other Income
102,000
94,000
Total Fixed Assets
5,967,000 $
5,733,000
Total Income
$ 37,332,000 $ 34,404,000
Total Assets
$ 15,657,000 $ 15,043,000
Interest Expense
1,530,000
1,410,000
Liabilities & Equity
Accounts Payable
Earnings Before Tax
35,802,000
32,994,000
$
1,878,840 $
1,805,160
Provision for Income Tax
8,160,000
7,520,000
Notes Payable
1,722,270
1,654,730
$
7,642,00
$ 25,474,000
Net Income
Accrued Expenses Payable
1,409,130
1,353,870
1,203,440
6,017,200
752,150
Accrued Taxes Payable
1,252,560
$
Total Current Liabilities
6,262,800 $
Long-Term Debt
$
782,850 $
Total Liabilities
7,045,650 $
6,769,350
Stockholder's Equity:
Preferred Stock ($100 par, 6%)
Common Stock ($5 par value)
$
1,095,990 $
1,053,010
2,035,410
1,955,590
Paid-In Capital in Excess of Par
4,227,390
4,061,610
Retained Earnings
Total Stockholder's Equity
1,252,560
$
1,203,440
8,611,350 $
$ 15,657,000 $ 15,043,000
8,273,650
Total Liabilities & Equity](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5f1fc4d3-231e-4af6-bb71-f5a8feaf4253%2Fd4e335cd-c84b-4d55-a7c2-c7a9dc979e07%2F9viz0g5_processed.png&w=3840&q=75)
Transcribed Image Text:Balance Sheet
2019
2018
Income Statement
2019
2018
Assets
Sales
$ 51,000,000 $ 47,000,000
Cash
$
5,100,000 $
4,900,000
Operating Expenses:
Marketable Securities
102,000
98,000
Cost of Goods Sold
5,100,000
4,700,000
Accounts Receivable
1,632,000
1,568,000
Depreciation
2,550,000
2,350,000
Inventories
2,856,000
$
2,744,000
Selling & Admn. Expenses
6,120,000
5,640,000
Total Current Assets
9,690,000 $
9,310,000
Total Operating Expenses
$ 13,770,000 $ 12,690,000
Property, Plant, & Equipment
3,264,000
3,136,000
Operating Income
37,230,000
34,310,000
Other Fixed Assets
2,703,000
2$
2,597,000
Other Income
102,000
94,000
Total Fixed Assets
5,967,000 $
5,733,000
Total Income
$ 37,332,000 $ 34,404,000
Total Assets
$ 15,657,000 $ 15,043,000
Interest Expense
1,530,000
1,410,000
Liabilities & Equity
Accounts Payable
Earnings Before Tax
35,802,000
32,994,000
$
1,878,840 $
1,805,160
Provision for Income Tax
8,160,000
7,520,000
Notes Payable
1,722,270
1,654,730
$
7,642,00
$ 25,474,000
Net Income
Accrued Expenses Payable
1,409,130
1,353,870
1,203,440
6,017,200
752,150
Accrued Taxes Payable
1,252,560
$
Total Current Liabilities
6,262,800 $
Long-Term Debt
$
782,850 $
Total Liabilities
7,045,650 $
6,769,350
Stockholder's Equity:
Preferred Stock ($100 par, 6%)
Common Stock ($5 par value)
$
1,095,990 $
1,053,010
2,035,410
1,955,590
Paid-In Capital in Excess of Par
4,227,390
4,061,610
Retained Earnings
Total Stockholder's Equity
1,252,560
$
1,203,440
8,611,350 $
$ 15,657,000 $ 15,043,000
8,273,650
Total Liabilities & Equity
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