Income Statement Sales Operating Expenses: Cost of Goods Sold Depreciation Selling & Admn. Expenses Total Operating Expenses Operating Income 2019 2018 $ 51,000,000 $ 47,000,000 5,100,000 2,550,000 6,120,000 4,700,000 2,350,000 5,640,000 $ 13,770,000 $ 12,690,000 37,230,000 102,000 34,310,000 94,000 Interest Expense Earnings Before Tax Provision for Income Tax $ 37,332,000 $ 34,404,000 1,530,000 35,802,000 1,410,000 32,994,000 8,160,000 7,520,000 $ 27,642,000 $ 25,474,000 Balance Sheet Assets 2019 2018 Cash $ 5,100,000 $ 4,900,000 Marketable Securities 102,000 98,000 Accounts Receivable 1,632,000 1,568,000 Inventories 2,856,000 2,744,000 Total Current Assets $ 9,690,000 $ 9,310,000 Property, Plant, & Equipment 3,264,000 3,136,000 Other Fixed Assets 2,703,000 2,597,000 Other Income Total Fixed Assets $ 5,967,000 $ 5,733,000 Total Income Total Assets $ 15,657,000 $ 15,043,000 Liabilities & Equity Accounts Payable $ 1,878,840 $ 1,805,160 Notes Payable 1,722,270 1,654,730 Net Income Accrued Expenses Payable 1,409,130 1,353,870 Accrued Taxes Payable 1,252,560 1,203,440 Total Current Liabilities $ 6,262,800 $ 6,017,200 Long-Term Debt $ 782,850 $ 752,150 Total Liabilities $ 7,045,650 $ 6,769,350 Stockholder's Equity: Preferred Stock ($100 par, 6%) $ 1,095,990 $ 1,053,010 Common Stock ($5 par value) 2,035,410 1,955,590 Paid-In Capital in Excess of Par 4,227,390 4,061,610 Retained Earnings 1,252,560 1,203,440 Total Stockholder's Equity $ 8,611,350 $ 8,273,650 Total Liabilities & Equity $ 15,657,000 $ 15,043,000
Income Statement Sales Operating Expenses: Cost of Goods Sold Depreciation Selling & Admn. Expenses Total Operating Expenses Operating Income 2019 2018 $ 51,000,000 $ 47,000,000 5,100,000 2,550,000 6,120,000 4,700,000 2,350,000 5,640,000 $ 13,770,000 $ 12,690,000 37,230,000 102,000 34,310,000 94,000 Interest Expense Earnings Before Tax Provision for Income Tax $ 37,332,000 $ 34,404,000 1,530,000 35,802,000 1,410,000 32,994,000 8,160,000 7,520,000 $ 27,642,000 $ 25,474,000 Balance Sheet Assets 2019 2018 Cash $ 5,100,000 $ 4,900,000 Marketable Securities 102,000 98,000 Accounts Receivable 1,632,000 1,568,000 Inventories 2,856,000 2,744,000 Total Current Assets $ 9,690,000 $ 9,310,000 Property, Plant, & Equipment 3,264,000 3,136,000 Other Fixed Assets 2,703,000 2,597,000 Other Income Total Fixed Assets $ 5,967,000 $ 5,733,000 Total Income Total Assets $ 15,657,000 $ 15,043,000 Liabilities & Equity Accounts Payable $ 1,878,840 $ 1,805,160 Notes Payable 1,722,270 1,654,730 Net Income Accrued Expenses Payable 1,409,130 1,353,870 Accrued Taxes Payable 1,252,560 1,203,440 Total Current Liabilities $ 6,262,800 $ 6,017,200 Long-Term Debt $ 782,850 $ 752,150 Total Liabilities $ 7,045,650 $ 6,769,350 Stockholder's Equity: Preferred Stock ($100 par, 6%) $ 1,095,990 $ 1,053,010 Common Stock ($5 par value) 2,035,410 1,955,590 Paid-In Capital in Excess of Par 4,227,390 4,061,610 Retained Earnings 1,252,560 1,203,440 Total Stockholder's Equity $ 8,611,350 $ 8,273,650 Total Liabilities & Equity $ 15,657,000 $ 15,043,000
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
Related questions
Question
Using Financial Statements for 2018-2019. Net assets available to meet preferred claims for 2019 is $8,611,350.
Transcribed Image Text:Income Statement
Sales
Operating Expenses:
Cost of Goods Sold
Depreciation
Selling & Admn. Expenses
Total Operating Expenses
Operating Income
2019
2018
$ 51,000,000 $ 47,000,000
5,100,000
2,550,000
6,120,000
4,700,000
2,350,000
5,640,000
$ 13,770,000 $ 12,690,000
37,230,000
102,000
34,310,000
94,000
Interest Expense
Earnings Before Tax
Provision for Income Tax
$ 37,332,000 $ 34,404,000
1,530,000
35,802,000
1,410,000
32,994,000
8,160,000
7,520,000
$ 27,642,000 $ 25,474,000
Balance Sheet
Assets
2019
2018
Cash
$
5,100,000 $ 4,900,000
Marketable Securities
102,000
98,000
Accounts Receivable
1,632,000
1,568,000
Inventories
2,856,000
2,744,000
Total Current Assets
$
9,690,000 $
9,310,000
Property, Plant, & Equipment
3,264,000
3,136,000
Other Fixed Assets
2,703,000
2,597,000
Other Income
Total Fixed Assets
$
5,967,000 $ 5,733,000
Total Income
Total Assets
$
15,657,000 $
15,043,000
Liabilities & Equity
Accounts Payable
$
1,878,840 $
1,805,160
Notes Payable
1,722,270
1,654,730
Net Income
Accrued Expenses Payable
1,409,130
1,353,870
Accrued Taxes Payable
1,252,560
1,203,440
Total Current Liabilities
$
6,262,800 $
6,017,200
Long-Term Debt
$
782,850 $
752,150
Total Liabilities
$
7,045,650 $
6,769,350
Stockholder's Equity:
Preferred Stock ($100 par, 6%)
$
1,095,990 $
1,053,010
Common Stock ($5 par value)
2,035,410
1,955,590
Paid-In Capital in Excess of Par
4,227,390
4,061,610
Retained Earnings
1,252,560
1,203,440
Total Stockholder's Equity
$
8,611,350 $
8,273,650
Total Liabilities & Equity
$ 15,657,000 $ 15,043,000
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