The following financial statements apply to Adams Company: ADAMS COMPANY Income Statements for the Years Ending December 31 Year 2 Year 1 $ 220,800 $180,400 Revenues Expenses Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense Total expenses Net income Assets Current assets Cash Marketable securities Accounts receivable Inventories 124,600 20, 200 Prepaid expenses Total current assets Plant and equipment (net) Intangibles Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities Accounts payable Other Total current liabilities Bonds payable Total liabilities 10,000 2,100 20,400 177,300 $ 43,500 102, 100 18,200 ADAMS COMPANY Balance Sheets As of December 31 Stockholders' equity Common stock (49,000 shares) Retained earnings Total stockholders equity Total liabilities and stockholders' equity 9,000 2,100 17,600 149,000 $ 31,400 Year 2 $ 5,100 1,800 36,000 101,200 4,800 148,900 107,000 20,600 $ 276,500 $38,200 16,500 54,700 65,500 120,200 113,500 42,800 156,300 $ 276,500 Year 1 $ 7,000 1,800 31,100 95,800 3,800 139,500 107,000 0 $ 246,500 $ 35,200 16,300 51,500 66,500 118,000 113,500 15,000 128,500 $ 246,500
The following financial statements apply to Adams Company: ADAMS COMPANY Income Statements for the Years Ending December 31 Year 2 Year 1 $ 220,800 $180,400 Revenues Expenses Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense Total expenses Net income Assets Current assets Cash Marketable securities Accounts receivable Inventories 124,600 20, 200 Prepaid expenses Total current assets Plant and equipment (net) Intangibles Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities Accounts payable Other Total current liabilities Bonds payable Total liabilities 10,000 2,100 20,400 177,300 $ 43,500 102, 100 18,200 ADAMS COMPANY Balance Sheets As of December 31 Stockholders' equity Common stock (49,000 shares) Retained earnings Total stockholders equity Total liabilities and stockholders' equity 9,000 2,100 17,600 149,000 $ 31,400 Year 2 $ 5,100 1,800 36,000 101,200 4,800 148,900 107,000 20,600 $ 276,500 $38,200 16,500 54,700 65,500 120,200 113,500 42,800 156,300 $ 276,500 Year 1 $ 7,000 1,800 31,100 95,800 3,800 139,500 107,000 0 $ 246,500 $ 35,200 16,300 51,500 66,500 118,000 113,500 15,000 128,500 $ 246,500
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
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