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Accounting
Finance date of Adams Stores, Inc. for the year ending 2016 and 2017. Items 2016 2017 Sales $3,432,000 $5,834,400 7,282 Cash 9,000 Other Expenses Retained Earnings Long-term debt Cost of goods sold Depreciation Short-term investments 720,000 97,632 1,000,000 4,980,000 116,960 340,000 203,768 323,432 2,864,000 18,900 48,600 491,000 62,500 20,000 1,202,950 Fixed Assets Interest Expenses Shares outstanding (par value = $46.00) 176,000 100,000 8.50 100,000 Market Price of stock 6 Accounts Receivable 351,200 632,160 Accounts payable Inventory Notes Payable Accumulated Depreciation 145,600 324,000 715,200 200,000 146,200 136,000 40% 1,287,360 720,000 263,160 284,960 40% Accruals Tax Rate

Finance date of Adams Stores, Inc. for the year ending 2016 and 2017. Items 2016 2017 Sales $3,432,000 $5,834,400 7,282 Cash 9,000 Other Expenses Retained Earnings Long-term debt Cost of goods sold Depreciation Short-term investments 720,000 97,632 1,000,000 4,980,000 116,960 340,000 203,768 323,432 2,864,000 18,900 48,600 491,000 62,500 20,000 1,202,950 Fixed Assets Interest Expenses Shares outstanding (par value = $46.00) 176,000 100,000 8.50 100,000 Market Price of stock 6 Accounts Receivable 351,200 632,160 Accounts payable Inventory Notes Payable Accumulated Depreciation 145,600 324,000 715,200 200,000 146,200 136,000 40% 1,287,360 720,000 263,160 284,960 40% Accruals Tax Rate

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare Common-Size financial statements of income statement and balance sheet.

### Financial Data of Adams Stores, Inc. for the Year Ending 2016 and 2017 #### Items - **Sales** - 2016: $3,432,000 - 2017: $5,834,400 - **Cash** - 2016: $9,000 - 2017: $7,282 - **Other Expenses** - 2016: $340,000 - 2017: $720,000 - **Retained Earnings** - 2016: $203,768 - 2017: $97,632 - **Long-term Debt** - 2016: $323,432 - 2017: $1,000,000 - **Cost of Goods Sold** - 2016: $2,864,000 - 2017: $4,980,000 - **Depreciation** - 2016: $18,900 - 2017: $116,960 - **Short-term Investments** - 2016: $48,600 - 2017: $20,000 - **Fixed Assets** - 2016: $491,000 - 2017: $1,202,950 - **Interest Expenses** - 2016: $62,500 - 2017: $176,000 - **Shares Outstanding (Par Value = $46.00)** - 2016: 100,000 - 2017: 100,000 - **Market Price of Stock** - 2016: $8.50 - 2017: $6 - **Accounts Receivable** - 2016: $351,200 - 2017: $632,160 - **Accounts Payable** - 2016: $145,600 - 2017: $324,000 - **Inventory** - 2016: $715,200 - 2017: $1,287,360 - **Notes Payable** - 2016: $200,000 - 2017: $720,000 - **Accumulated Depreciation** - 2016: $
Transcribed Image Text:### Financial Data of Adams Stores, Inc. for the Year Ending 2016 and 2017 #### Items - **Sales** - 2016: $3,432,000 - 2017: $5,834,400 - **Cash** - 2016: $9,000 - 2017: $7,282 - **Other Expenses** - 2016: $340,000 - 2017: $720,000 - **Retained Earnings** - 2016: $203,768 - 2017: $97,632 - **Long-term Debt** - 2016: $323,432 - 2017: $1,000,000 - **Cost of Goods Sold** - 2016: $2,864,000 - 2017: $4,980,000 - **Depreciation** - 2016: $18,900 - 2017: $116,960 - **Short-term Investments** - 2016: $48,600 - 2017: $20,000 - **Fixed Assets** - 2016: $491,000 - 2017: $1,202,950 - **Interest Expenses** - 2016: $62,500 - 2017: $176,000 - **Shares Outstanding (Par Value = $46.00)** - 2016: 100,000 - 2017: 100,000 - **Market Price of Stock** - 2016: $8.50 - 2017: $6 - **Accounts Receivable** - 2016: $351,200 - 2017: $632,160 - **Accounts Payable** - 2016: $145,600 - 2017: $324,000 - **Inventory** - 2016: $715,200 - 2017: $1,287,360 - **Notes Payable** - 2016: $200,000 - 2017: $720,000 - **Accumulated Depreciation** - 2016: $
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