Hyrkas Corporation's most recent balance sheet and income statement appear below. Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Assets Current assets: Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Plant and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Notes payable, short term Total current liabilities Bonds payable Total liabilities Stockholders' equity: Common stock, $2 par value Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities & stockholders' equity Income Statement For the Year Ended December 31, Year 2 (in thousands of dollars) Sales (all on account) Cost of goods sold Gross margin Selling and administrative expense Net operating income Interest expense Net income before taxes Income taxes (30%) Niet income ********|*|| $1,340 Year 2 $190 300 279 20 789 1,000 $1,780 $ 240 50 40 330 230 560 200 330 690 1,220 $1,780 Year 1 $ 270 320 240 20 850 1,060 $1,910 $ 270 50 40 360 360 729 200 330 660 1,190 $1,910 Dividends on common stock during Year 2 totaled $15 thousand. The market price of common stock at the end of Year 2 was $16.30 per share

Hyrkas Corporation's most recent balance sheet and income statement appear below. Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Assets Current assets: Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Plant and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Notes payable, short term Total current liabilities Bonds payable Total liabilities Stockholders' equity: Common stock, $2 par value Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities & stockholders' equity Income Statement For the Year Ended December 31, Year 2 (in thousands of dollars) Sales (all on account) Cost of goods sold Gross margin Selling and administrative expense Net operating income Interest expense Net income before taxes Income taxes (30%) Niet income ********|*|| $1,340 Year 2 $190 300 279 20 789 1,000 $1,780 $ 240 50 40 330 230 560 200 330 690 1,220 $1,780 Year 1 $ 270 320 240 20 850 1,060 $1,910 $ 270 50 40 360 360 729 200 330 660 1,190 $1,910 Dividends on common stock during Year 2 totaled $15 thousand. The market price of common stock at the end of Year 2 was $16.30 per share

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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