FFT Corporation Comparative Statements of Financial Position 31-Dec-20 Assets 2020 2019 Cash $ 50,000 $ 25,000 Accounts receivable 65,000 50,000 Merchandise inventory 60,000 70,000 Prepaid Expenses 55,000 30,000 Property, plant, and equipment 300,000 250,000 Total assets S 530,000 $ 425,000 Liabilities and shareholders' equity Accounts payable 25,000 $ 30,000 Short-term bank loan payable 50,000 65,000 Bonds payable 150,000 160,000 Common shares 150,000 95,000 Retained earnings 125,000 75,000 Total liabilities and shareholders' equity $ 530,000 $ 425,000 FFT Corporation Income Statement Net sales Cost of goods sold Gross profit Expenses Operating expenses Administration expense Total expenses Rent expense Profit before income tax Income tax expense Year Ended December 31, 2020 Profit Additional information for 2020: 1 Cash dividends declared and paid. 69 $ 350,000 210,000 140,000 40,000 22,000 15,000 77,000 63,000 20.000 43.000 2 Net cash provided by operating activities in 2020 6969 28,000 $ 82,000
FFT Corporation Comparative Statements of Financial Position 31-Dec-20 Assets 2020 2019 Cash $ 50,000 $ 25,000 Accounts receivable 65,000 50,000 Merchandise inventory 60,000 70,000 Prepaid Expenses 55,000 30,000 Property, plant, and equipment 300,000 250,000 Total assets S 530,000 $ 425,000 Liabilities and shareholders' equity Accounts payable 25,000 $ 30,000 Short-term bank loan payable 50,000 65,000 Bonds payable 150,000 160,000 Common shares 150,000 95,000 Retained earnings 125,000 75,000 Total liabilities and shareholders' equity $ 530,000 $ 425,000 FFT Corporation Income Statement Net sales Cost of goods sold Gross profit Expenses Operating expenses Administration expense Total expenses Rent expense Profit before income tax Income tax expense Year Ended December 31, 2020 Profit Additional information for 2020: 1 Cash dividends declared and paid. 69 $ 350,000 210,000 140,000 40,000 22,000 15,000 77,000 63,000 20.000 43.000 2 Net cash provided by operating activities in 2020 6969 28,000 $ 82,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:FFT Corporation
Comparative Statements of Financial Position
31-Dec-20
Assets
2020
2019
Cash
$
50,000
$
25,000
Accounts receivable
65,000
50,000
Merchandise inventory
60,000
70,000
Prepaid Expenses
55,000
30,000
Property, plant, and equipment
300,000
250,000
Total assets
S
530,000 $
425,000
Liabilities and shareholders' equity
Accounts payable
25,000 $
30,000
Short-term bank loan payable
50,000
65,000
Bonds payable
150,000
160,000
Common shares
150,000
95,000
Retained earnings
125,000
75,000
Total liabilities and shareholders' equity
$
530,000
$
425,000
FFT Corporation
Income Statement
Net sales
Cost of goods sold
Gross profit
Expenses
Operating expenses
Administration expense
Total expenses
Rent expense
Profit before income tax
Income tax expense
Year Ended December 31, 2020
Profit
Additional information for 2020:
1 Cash dividends declared and paid.
69
$
350,000
210,000
140,000
40,000
22,000
15,000
77,000
63,000
20.000
43.000
2 Net cash provided by operating activities in 2020
6969
28,000
$
82,000
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