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GENESIS CORPORATION Balance Sheet December 31, of Current Year Assets Cash $ 10,000 Short-term investments 8,400 Accounts receivable, net 33,700 Merchandise inventory 32,150 Prepaid expenses 2,650 Plant assets, net 153,300 Total assets $240,200 Liabilities and Equity Accounts payable $ 17,500 Accrued wages payable 3,200 Income taxes payable 3,300 Long-term note payable, secured by mortgage on plant assets 63,400 Common stock 90,000 Retained earnings 62,800 Total liabilities and equity $240,200 GENESIS CORPORATION Income Statement December 31, of Current Year Sales $448,600 Cost of goods sold 297,250 Gross profit 151,350 Operating expenses 98,600 Interest expense 4,100 Income before taxes 48,650 Income tax expense 19,598 Net income $ 29,052

GENESIS CORPORATION Balance Sheet December 31, of Current Year Assets Cash $ 10,000 Short-term investments 8,400 Accounts receivable, net 33,700 Merchandise inventory 32,150 Prepaid expenses 2,650 Plant assets, net 153,300 Total assets $240,200 Liabilities and Equity Accounts payable $ 17,500 Accrued wages payable 3,200 Income taxes payable 3,300 Long-term note payable, secured by mortgage on plant assets 63,400 Common stock 90,000 Retained earnings 62,800 Total liabilities and equity $240,200 GENESIS CORPORATION Income Statement December 31, of Current Year Sales $448,600 Cost of goods sold 297,250 Gross profit 151,350 Operating expenses 98,600 Interest expense 4,100 Income before taxes 48,650 Income tax expense 19,598 Net income $ 29,052

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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Selected current year-end financial statements of Concordia Corporation follow. All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $48,900; total assets, $189,400; common stock, $90,000; and retained earnings, $33,748.

compute the following: times interest earned, days’ sales in inventory, debt-to-equity ratio

GENESIS CORPORATION Balance Sheet December 31, of Current Year Assets Cash $ 10,000 Short-term investments 8,400 Accounts receivable, net 33,700 Merchandise inventory 32,150 Prepaid expenses 2,650 Plant assets, net 153,300 Total assets $240,200 Liabilities and Equity Accounts payable $ 17,500 Accrued wages payable 3,200 Income taxes payable 3,300 Long-term note payable, secured by mortgage on plant assets 63,400 Common stock 90,000 Retained earnings 62,800 Total liabilities and equity $240,200 GENESIS CORPORATION Income Statement December 31, of Current Year Sales $448,600 Cost of goods sold 297,250 Gross profit 151,350 Operating expenses 98,600 Interest expense 4,100 Income before taxes 48,650 Income tax expense 19,598 Net income $ 29,052
Transcribed Image Text:GENESIS CORPORATION Balance Sheet December 31, of Current Year Assets Cash $ 10,000 Short-term investments 8,400 Accounts receivable, net 33,700 Merchandise inventory 32,150 Prepaid expenses 2,650 Plant assets, net 153,300 Total assets $240,200 Liabilities and Equity Accounts payable $ 17,500 Accrued wages payable 3,200 Income taxes payable 3,300 Long-term note payable, secured by mortgage on plant assets 63,400 Common stock 90,000 Retained earnings 62,800 Total liabilities and equity $240,200 GENESIS CORPORATION Income Statement December 31, of Current Year Sales $448,600 Cost of goods sold 297,250 Gross profit 151,350 Operating expenses 98,600 Interest expense 4,100 Income before taxes 48,650 Income tax expense 19,598 Net income $ 29,052
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