New York Bakery Balance Sheet December 2019 Assets Current assets Cash $4 50,180.74 Accounts receivable 2$ 951,766.20 Raw materials 2$ 38,467.89 Finished goods inventory 2$ 18,522.00 Total current assets $ 1,058,936.83 Deferred tax asset Property, Plant, & Equipment Land 76,000.00 Building $567,000.00 Equipment $ 1,010,000.00 Accumulated Depr - Equip $(141,200.00) Total PPE $ 1,511,800.00 $ 2,570,736.83 Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable 2$ 45,255.13 Line of credit payable 5,087.17 Taxes payable 24 9,342.24 Total current liabilities 2$ 59,684.54 Long term liabilities Mortgage payable (current) $ 1,096,262.57 Total long term liabilities Total liabilities Stockholders' equity $ 1,096,262.57 $ 1,155,947.11 Common stock (no-par, $4 200,000 share outstanding 550,000.00 Retained earnings $ 850,113.00 Total stockholders' equity Total liabilities and stockholders' equity $ 1,400,113.00 $ 2,556,060.11

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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What is the ratio of fixed assets to long-term liabilities? What type of analysis is it, liquidity, solvency, or profitabilit, and What does it tell us?
New York Bakery
Balance Sheet
December 2019
Assets
Current assets
Cash
50,180.74
Accounts receivable
$ 951,766.20
Raw materials
24
Finished goods inventory
38.467.89
18,522.00
O Total current assets
1 Deferred tax asset
2 Property, Plant, & Equipment
$ 1,058,936.83
Land
24
76,000.00
Building
567,000.00
Equipment
$ 1,010,000.00
$ (141.200.00)
Accumulated Depr - Equip
7 Total PPE
$ 1,511.800.00
$ 2,570,736.83
B Total assets
Liabilities and Stockholders'Equity
1 Current liabilities
Accounts payable
45,255.13
As
Line of credit payable
Taxes payable
5,087.17
9,342.24
Ex
4.
5 Total current liabilities
59,684.54
6 Long term liabilities
Mortgage payable (current)
$ 1,096,262.57
8 Total long term liabilities
9 Total liabilities
o Stockholders' equity
$ 1,096,262.57
$ 1,155,947.11
Common stock (no-par,
200,000 share outstanding
$550,000.00
Retained earnings
850,113.00
3 Total stockholders' equity
34 Total liabilities and stockholders' equity
$1.400,113.00
$ 2,556,060.11
Transcribed Image Text:New York Bakery Balance Sheet December 2019 Assets Current assets Cash 50,180.74 Accounts receivable $ 951,766.20 Raw materials 24 Finished goods inventory 38.467.89 18,522.00 O Total current assets 1 Deferred tax asset 2 Property, Plant, & Equipment $ 1,058,936.83 Land 24 76,000.00 Building 567,000.00 Equipment $ 1,010,000.00 $ (141.200.00) Accumulated Depr - Equip 7 Total PPE $ 1,511.800.00 $ 2,570,736.83 B Total assets Liabilities and Stockholders'Equity 1 Current liabilities Accounts payable 45,255.13 As Line of credit payable Taxes payable 5,087.17 9,342.24 Ex 4. 5 Total current liabilities 59,684.54 6 Long term liabilities Mortgage payable (current) $ 1,096,262.57 8 Total long term liabilities 9 Total liabilities o Stockholders' equity $ 1,096,262.57 $ 1,155,947.11 Common stock (no-par, 200,000 share outstanding $550,000.00 Retained earnings 850,113.00 3 Total stockholders' equity 34 Total liabilities and stockholders' equity $1.400,113.00 $ 2,556,060.11
New York Bakery
Income Statement
For the Year Ended December 31, 2019
Sales
$ 4,173,100.00
Cost of goods sold
$2,937,641.56
Gross margin
$ 1,235.458.44
Selling and administrative expense
842,584.40
Earnings before interest and tax
Interest expense
$
392,874.04
78.113.40
Tаx expense
2$
16,500.00
Net income
298.260.64
1. No preferred dividends were declared.
2. Market Price for Common Stock
$4
19.75
3. Shares Outstanding
200,000
Transcribed Image Text:New York Bakery Income Statement For the Year Ended December 31, 2019 Sales $ 4,173,100.00 Cost of goods sold $2,937,641.56 Gross margin $ 1,235.458.44 Selling and administrative expense 842,584.40 Earnings before interest and tax Interest expense $ 392,874.04 78.113.40 Tаx expense 2$ 16,500.00 Net income 298.260.64 1. No preferred dividends were declared. 2. Market Price for Common Stock $4 19.75 3. Shares Outstanding 200,000
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