The following are the balance sheet and income statement data of Jowie Corporation Balance Sheet Accounts (De cember 31) Cash 2007 2008 150,000 283,000 Marketable Securities |Accounts Receivable, net 850,000 1,000,000 500,000 1,000,000 Inventories 750,000 500,000 Land 500,000 500,000 500,000 Building, net Machinery and equipment (net) Goodwill Deferred Charges |Notes, Payable, Trade Accounts Payable, Trade Expenses Payable Long-term Notes- Due 2018 |15% Preferred Stock, P100 par Common Stock, P10 par Retain Earnings 2008 Income Statement Accounts Sales Sales Returns and Allowances 550,000 1,500,000 400,000 90,000 150,000 1,700,000 400,000 100,000 100,000 610,000 790,000 40,000 60,000 2,500,000 2,250,000 500,000 1,500,000 523,000 500,000 1,500,000 250,000 5,250,000 250,000 Inventory, Dec. 31, 2008 Inventory, Dec. 31, 2007 Purchases 500,000 750,000 2,750,000 Selling Expenses Administrative Expenses(including Depreciation of P250,000) Interest on Long-term Notes Income Taxes, 35% Additional Information: Dividends paid on preferred stock Dividends paid on common stock 400,000 600,000 250,000 1 75,000 2 162,000 Market price per share on common 3 stock 18
The following are the balance sheet and income statement data of Jowie Corporation Balance Sheet Accounts (De cember 31) Cash 2007 2008 150,000 283,000 Marketable Securities |Accounts Receivable, net 850,000 1,000,000 500,000 1,000,000 Inventories 750,000 500,000 Land 500,000 500,000 500,000 Building, net Machinery and equipment (net) Goodwill Deferred Charges |Notes, Payable, Trade Accounts Payable, Trade Expenses Payable Long-term Notes- Due 2018 |15% Preferred Stock, P100 par Common Stock, P10 par Retain Earnings 2008 Income Statement Accounts Sales Sales Returns and Allowances 550,000 1,500,000 400,000 90,000 150,000 1,700,000 400,000 100,000 100,000 610,000 790,000 40,000 60,000 2,500,000 2,250,000 500,000 1,500,000 523,000 500,000 1,500,000 250,000 5,250,000 250,000 Inventory, Dec. 31, 2008 Inventory, Dec. 31, 2007 Purchases 500,000 750,000 2,750,000 Selling Expenses Administrative Expenses(including Depreciation of P250,000) Interest on Long-term Notes Income Taxes, 35% Additional Information: Dividends paid on preferred stock Dividends paid on common stock 400,000 600,000 250,000 1 75,000 2 162,000 Market price per share on common 3 stock 18
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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Required:
Statement of Financial Position of 2007 and 2008
Transcribed Image Text:The following are the balance sheet and income statement data of
Jowie Corporation
Balance Sheet Accounts (December 31)
2007
2008
|Cash
150,000
283,000
Marketable Securities
Accounts Receivable, net
850,000
1,000,000
1,000,000
500,000
500,000
Inventories
750,000
500,000
Land
Building, net
Machinery and equipment (net)
500,000
500,000
1,500,000
400,000
550,000
1,700,000
Goodwill
400,000
Deferred Charges
Notes, Payable, Trade
Accounts Payable, Trade
Expenses Payable
Long-term Notes- Due 2018
15% Preferred Stock, P100 par
Common Stock, P10 par
Retain Earnings
100,000
100,000
90,000
150,000
790,000
610,000
40,000
60,000
2,500,000
2,250,000
500,000
500,000
1,500,000
250,000
1,500,000
523,000
2008 Income Statement Accounts
Sales
Sales Returns and Allowances
5,250,000
250,000
Inventory, Dec. 31, 2008
Inventory, Dec. 31, 2007
Purchases
Selling Expenses
Administrative Expenses(including
Depreciation of P250,000)
Interest on Long-term Notes
Income Taxes, 35%
Additional Information:
Dividends paid on preferred stock
Dividends paid on common stock
Market price per share on common
500,000
750,000
2,750,000
400,000
600,000
250,000
1
75,000
162,000
2
|stock
18
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