Flounder Company has been operating for several years, and on December 31, 2017, presented the following balance sheet. FLOUNDER COMPANY BALANCE SHEET DECEMBER 31, 2017 Cash $20,900 Accounts payable $80,000 Receivables 117,000 Long-term notes payable 181,000 Inventory 75,000 Common stock (no par) 110,000 Plant assets (net) 354,000 Retained earnings 195,900 $566,900 $566,900 The net income for 2017 was $43,000. Assume that total assets are the same in 2016 and 2017.
Flounder Company has been operating for several years, and on December 31, 2017, presented the following balance sheet. FLOUNDER COMPANY BALANCE SHEET DECEMBER 31, 2017 Cash $20,900 Accounts payable $80,000 Receivables 117,000 Long-term notes payable 181,000 Inventory 75,000 Common stock (no par) 110,000 Plant assets (net) 354,000 Retained earnings 195,900 $566,900 $566,900 The net income for 2017 was $43,000. Assume that total assets are the same in 2016 and 2017.
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 50E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...
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