From the following information, construct a simple income statement and a balance sheet: Sales $1,300,000 Finished goods 300,000 Long-term debt 300,000 Raw materials 150,000 Cash 45,000 Cost of goods sold 590,000 Accounts receivable 230,000 Plant and equipment 260,000 Interest expense 80,000 Number of shares outstanding 70,000 Earnings before taxes 550,000 Taxes 110,000 Accounts payable 250,000 Other current liabilities 30,000 Other expenses 80,000 Equity 405,000
From the following information, construct a simple income statement and a balance sheet: Sales $1,300,000 Finished goods 300,000 Long-term debt 300,000 Raw materials 150,000 Cash 45,000 Cost of goods sold 590,000 Accounts receivable 230,000 Plant and equipment 260,000 Interest expense 80,000 Number of shares outstanding 70,000 Earnings before taxes 550,000 Taxes 110,000 Accounts payable 250,000 Other current liabilities 30,000 Other expenses 80,000 Equity 405,000
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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From the following information, construct a simple income statement and a
| Sales | $1,300,000 |
| Finished goods | 300,000 |
| Long-term debt | 300,000 |
| Raw materials | 150,000 |
| Cash | 45,000 |
| Cost of goods sold | 590,000 |
| Accounts receivable | 230,000 |
| Plant and equipment | 260,000 |
| Interest expense | 80,000 |
| Number of shares outstanding | 70,000 |
| Earnings before taxes | 550,000 |
| Taxes | 110,000 |
| Accounts payable | 250,000 |
| Other current liabilities | 30,000 |
| Other expenses | 80,000 |
| Equity | 405,000 |
Round your answer for earnings per share to the nearest cent.
| Corporation X: | ||
| Income Statement for the Year Ended XX/XX/XX | ||
| Sales | $ | |
| Cost of goods sold | ||
| Other expenses | ||
| Earnings before interest and taxes | ||
| Interest expense | ||
| Earnings before taxes | ||
| Taxes | ||
| Net earnings | $ | |
| Number of shares outstanding | ||
| Earnings per share | $ |
| Corporation X Balance Sheet as of XX/XX/XX | ||||||||
| Assets | Liabilities and Owners' Equity | |||||||
| Cash | $ | Accounts payable | $ | |||||
| Accounts receivable | Other current liabilities | |||||||
| Inventories | Total current liabilities | $ | ||||||
| Raw materials | $ | Long-term debt | ||||||
| Finished goods | Equity | |||||||
| Total inventories | ||||||||
| Total current assets | $ | |||||||
| Plant and Equipment | ||||||||
| Total assets | $ | Total liabilities and shareholders’ equity | $ | |||||
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