Income Statement For Year Ending December 31 2003 2002 2001 Sales 5,550,000 6,500,000 3,965,000 2,535,000 4,050,000 Cost of Goods Sold Gross Profit Depreciation Other Operating Expenses Eamings Before Interest and Taxes 3,385,500 2,430,000 2,164,500 287,200 1,387,500 489,800 160,125 1,620,000 485,600 158,500 1,012,500 449,000 50,645 1,690,000 359,400 331,956 27,444 10,978 16,467 Interest Eamings Before Taxes 329,675 398,355 131,870 197,805 Income Taxes 159,342 239,013 Net Income Balance Sheet For Year Ending December 31 2003 2002 2001 57,000 95,000 1,050,000 42,000 1,244,000 7,288,800 2,432,800 4,856,000 6,100,000 Cash 110,000 59,000 723,000 155,000 45,000 Accounts Receivable Inventories Prepaid Expenses Total Current Assets Property, Plant and Equipment Less: Accumulative Depreciation Net Property, Plant and Equipment Total Assets 540,000 25,000 765,000 3,245,000 1,660,000 1,585,000 2,350,000 36,000 928,000 4,819,200 1,947,200 2,872,000 3,800,000 Accounts Payable Line of Credit Current Portion of Long-term Debt Total Current Liabilities Long-term Debt Equity Total Liabilities and Equity 165,000 353,000 162,000 680,000 1,620,000 99,000 267,435 440,556 570,638 325,346 1,336,540 3,253,460 41,461 407,895 1,510,000 6,100,000 1,500,000 3,800,000 414,605 1,527,500 2,350,000
Income Statement For Year Ending December 31 2003 2002 2001 Sales 5,550,000 6,500,000 3,965,000 2,535,000 4,050,000 Cost of Goods Sold Gross Profit Depreciation Other Operating Expenses Eamings Before Interest and Taxes 3,385,500 2,430,000 2,164,500 287,200 1,387,500 489,800 160,125 1,620,000 485,600 158,500 1,012,500 449,000 50,645 1,690,000 359,400 331,956 27,444 10,978 16,467 Interest Eamings Before Taxes 329,675 398,355 131,870 197,805 Income Taxes 159,342 239,013 Net Income Balance Sheet For Year Ending December 31 2003 2002 2001 57,000 95,000 1,050,000 42,000 1,244,000 7,288,800 2,432,800 4,856,000 6,100,000 Cash 110,000 59,000 723,000 155,000 45,000 Accounts Receivable Inventories Prepaid Expenses Total Current Assets Property, Plant and Equipment Less: Accumulative Depreciation Net Property, Plant and Equipment Total Assets 540,000 25,000 765,000 3,245,000 1,660,000 1,585,000 2,350,000 36,000 928,000 4,819,200 1,947,200 2,872,000 3,800,000 Accounts Payable Line of Credit Current Portion of Long-term Debt Total Current Liabilities Long-term Debt Equity Total Liabilities and Equity 165,000 353,000 162,000 680,000 1,620,000 99,000 267,435 440,556 570,638 325,346 1,336,540 3,253,460 41,461 407,895 1,510,000 6,100,000 1,500,000 3,800,000 414,605 1,527,500 2,350,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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calculate
Transcribed Image Text:Income Statement
For Year Ending December 31
2003
2002
2001
Sales
5,550,000
6,500,000
3,965,000
2,535,000
485,600
1,690,000
4,050,000
2,430,000
1,620,000
158,500
Cost of Goods Sold
3,385,500
Gross Profit
2,164,500
287,200
Depreciation
Other Operating Expenses
Eamings Before Interest and Taxes
1,387,500
1,012,500
449,000
50,645
398,355
159,342
239,013
359,400
489,800
331,956
27,444
Interest
160,125
Eamings Before Taxes
329,675
131,870
197,805
Income Taxes
10,978
Net Income
16,467
Balance Sheet
For Year Ending December 31
2003
2002
2001
Cash
57,000
95,000
1,050,000
42,000
1,244,000
7,288,800
2,432,800
4,856,000
6,100,000
110,000
59,000
155,000
45,000
540,000
25,000
765,000
Accounts Receivable
Inventories
723,000
Prepaid Expenses
Total Current Assets
Property, Plant and Equipment
Less: Accumulative Depreciation
Net Property, Plant and Equipment
Total Assets
36,000
928,000
4,819,200
1,947,200
2,872,000
3,800,000
3,245,000
1,660,000
1,585,000
2,350,000
Accounts Payable
Line of Credit
Current Portion of Long-term Debt
Total Current Liabilities
Long-term Debt
Equity
Total Liabilities and Equity
440,556
570,638
325,346
1,336,540
3,253,460
1,510,000
165,000
353,000
162,000
680,000
1,620,000
99,000
267,435
41,461
407,895
414,605
1,527,500
2,350,000
1,500,000
6,100,000
3,800,000
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