Revenues Sales (net) MUNOZ COMPANY Statements of Income and Retained Earnings For the Years Ended December 31 Year 3 Other revenues Total revenues Expenses Cost of goods sold Selling, general, and administrative Interest expense Income tax expense Total expenses Net earnings (net income) Retained earnings, January 1 Less: Preferred stock dividends Common stock dividends Retained earnings, December 31 Year 4 $ 330,000 10,000 $ 310,000 7,000 340,000 317,000 165,000 133,000 65,000 60,000 11,000 10,200 73,000 72,000 314,000 275,200 26,000 41,800 111,700 77,000 3,200 3,200 3,900 3,900 $ 130,600 $ 111,700 Financial statements for Munoz Company follow. MUNOZ COMPANY Balance Sheets As of December 31 Year 4 Year 3 Assets Current assets Cash Marketable securities Accounts receivable (net) Inventories Prepaid items Total current assets Investments Plant (net) Land Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities Notes payable Accounts payable Salaries payable Total current liabilities Noncurrent liabilities Bonds payable $ 21,000 21,000 $ 17,000 7,000 51,000 43,000 136,000 144,000 25,000 10,000 221,000 15,000 254,000 22,000 260,000 28,000 $ 564,000 245,000 23,000 $ 504,000 $ 24,600 58,800 25,000 $ 8,300 45,000 19,000 108,400 72,300 140,000 140,000 Other 25,000 20,000 Total noncurrent liabilities 165,000 160,000 Total liabilities 273,400 232,300 Stockholders' equity Preferred stock, (par value $10, 4% cumulative, non-participating; 8,000 shares authorized and issued) Common stock (no par; 50,000 shares authorized; 10,000 shares issued) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 80,000 80,000 80,000 80,000 130,600 111,700 290,600 271,700 $ 564,000 $ 504,000 MUNOZ COMPANY
Revenues Sales (net) MUNOZ COMPANY Statements of Income and Retained Earnings For the Years Ended December 31 Year 3 Other revenues Total revenues Expenses Cost of goods sold Selling, general, and administrative Interest expense Income tax expense Total expenses Net earnings (net income) Retained earnings, January 1 Less: Preferred stock dividends Common stock dividends Retained earnings, December 31 Year 4 $ 330,000 10,000 $ 310,000 7,000 340,000 317,000 165,000 133,000 65,000 60,000 11,000 10,200 73,000 72,000 314,000 275,200 26,000 41,800 111,700 77,000 3,200 3,200 3,900 3,900 $ 130,600 $ 111,700 Financial statements for Munoz Company follow. MUNOZ COMPANY Balance Sheets As of December 31 Year 4 Year 3 Assets Current assets Cash Marketable securities Accounts receivable (net) Inventories Prepaid items Total current assets Investments Plant (net) Land Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities Notes payable Accounts payable Salaries payable Total current liabilities Noncurrent liabilities Bonds payable $ 21,000 21,000 $ 17,000 7,000 51,000 43,000 136,000 144,000 25,000 10,000 221,000 15,000 254,000 22,000 260,000 28,000 $ 564,000 245,000 23,000 $ 504,000 $ 24,600 58,800 25,000 $ 8,300 45,000 19,000 108,400 72,300 140,000 140,000 Other 25,000 20,000 Total noncurrent liabilities 165,000 160,000 Total liabilities 273,400 232,300 Stockholders' equity Preferred stock, (par value $10, 4% cumulative, non-participating; 8,000 shares authorized and issued) Common stock (no par; 50,000 shares authorized; 10,000 shares issued) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 80,000 80,000 80,000 80,000 130,600 111,700 290,600 271,700 $ 564,000 $ 504,000 MUNOZ COMPANY
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
- Earnings per share (total shares outstanding is unchanged).
Transcribed Image Text:Revenues
Sales (net)
MUNOZ COMPANY
Statements of Income and Retained Earnings For the Years Ended December 31
Year 3
Other revenues
Total revenues
Expenses
Cost of goods sold
Selling, general, and administrative
Interest expense
Income tax expense
Total expenses
Net earnings (net income)
Retained earnings, January 1
Less: Preferred stock dividends
Common stock dividends
Retained earnings, December 31
Year 4
$ 330,000
10,000
$ 310,000
7,000
340,000
317,000
165,000
133,000
65,000
60,000
11,000
10,200
73,000
72,000
314,000
275,200
26,000
41,800
111,700
77,000
3,200
3,200
3,900
3,900
$ 130,600
$ 111,700
Transcribed Image Text:Financial statements for Munoz Company follow.
MUNOZ COMPANY
Balance Sheets As of December 31
Year 4
Year 3
Assets
Current assets
Cash
Marketable securities
Accounts receivable (net)
Inventories
Prepaid items
Total current assets
Investments
Plant (net)
Land
Total assets
Liabilities and Stockholders' Equity
Liabilities
Current liabilities
Notes payable
Accounts payable
Salaries payable
Total current liabilities
Noncurrent liabilities
Bonds payable
$ 21,000
21,000
$ 17,000
7,000
51,000
43,000
136,000
144,000
25,000
10,000
221,000
15,000
254,000
22,000
260,000
28,000
$ 564,000
245,000
23,000
$ 504,000
$ 24,600
58,800
25,000
$ 8,300
45,000
19,000
108,400
72,300
140,000
140,000
Other
25,000
20,000
Total noncurrent liabilities
165,000
160,000
Total liabilities
273,400
232,300
Stockholders' equity
Preferred stock, (par value $10, 4% cumulative, non-participating; 8,000 shares
authorized and issued)
Common stock (no par; 50,000 shares authorized; 10,000 shares issued)
Retained earnings
Total stockholders' equity
Total liabilities and stockholders' equity
80,000
80,000
80,000
80,000
130,600
111,700
290,600
271,700
$ 564,000
$ 504,000
MUNOZ COMPANY
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