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THE ACTUAL FACTS PRESENTED UNDER THE "COURSE HOME" SHOULD BE REFERENCED AND UTILIZED.
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AssumptionsFinancial Statements
Parent
2012
Actual
Subsidiar
y 2013
Projected
Parent
2013
Projected
$ 880,000
$(526,650)
$(248,860)
$ 102,490
$ (40,996)
$ 61,494
Sales
COGS
Operating expense
Income before taxes
Income tax expense
Net income
$800,000
###
###
$ 96,000
$ (38,400)
$ 57,600
$
$
$
$
$
$
Retained earnings
Add net income
Deduct dividends
Retained earnings December 31
$ 23,000
$ 57,600
$ (38,000)
$ 42,600
$ 14,500
$ 21,000
$ (7,000)
$ 28,500
$
$
$
$
Cash
Accounts receivable
Inventory
PPE
Accumulated depreciation
Total assets
$ 36,200
$ 39,000
$ 26,000
$673,000
###
$284,200
$
$
$
$
$
$
19,500
13,000
12,000
213,000
(28,000)
229,500
$ 63,564
$ 37,050
$ 26,780
$ 721,000
$(534,800)
$ 313,594
Accounts payable
Common stock*
Paid-in capital in excess of par
Retained earnings
Total liabilities and equities
$ 44,600
$190,000
$ 7,000
$ 42,600
$284,200
$
$
$
$
$
21,000
150,000
30,000
28,500
229,500
$
$
$
$
$
100,000
(55,000)
(10,000)
35,000
(14,000)
21,000
15200
2000
$ (4,000)
$ 48,000
$ (4,800)
42,600
61,494
(38,000)
66,094
50,500
190,000
7,000
66,094
313,594
Parent inc.
Statement of Operations
For the Year ending December 31, 2013
Revenues
Cost of Goods Sold
Gross Profit
Operating Expenses
Income before taxes
Income tax expense
Net income
$
$
$
$
$
$
$
Shares outstanding
880,000
(528,650)
351,350
(248,860)
102,490
(40,996)
61,494
4.05
15,200
Parent Inc.
Staement of Retained Earnings
For the Year Ending December 31, 2013.
Retained Earnings, 1/1/2013
Net income
Dividends paid
Retained EArnings, 1/31/2013
$ 42,600
$ 61,494
$(38,000)
$ 66,094
Parent Inc.
Balance Sheet
As at December 31, 2013
Assets
Current Assets
Cash
Accounts Receivable
Inventory
Total current assets
$
$
$
63,594
37,050
26,780
$ 127,394
Longterm assets
Property, Plant and Equipment $ 721,000
Accumulated Depreciation
$ (534,800)
Total Longterm Assets
$ 186,200
Total Assets
$ 313,594
Liabilities & Shareholders' Equity
Laibilities
Accounts Payable
$
50,050
Total liabilities
$ 50,050
Shareholders' Equty
Common
Stockin
@excess
PAR Par
Paid-in Capital
C/S
Retained Earnings
Total Equity
Total Equity & liabilities
$ 263,094
$ 313,594
$ 190,000
$
7,000
$
66,094
Parent Inc.
Statement of Csahflows
For the Year Ended December 31, 2013.
Operating Activities
Net Income
Depreciation expense
Accounts Receivable
Inventory
Accounts Payable
Cash provided by operating activities
$ 61,494
$ 44,800
$
1,950
$
(780)
$
5,900
$ 113,364
Investing Activities
Purchase of Equipment
Cash used in investing activities
$ (48,000)
Financing Activities
Dividends paid
Cash used in financing activities
$ (38,000)
$ (48,000)
$ (38,000)
$ 27,364
$ 36,200
$ 63,564
Parent Inc.
Journal
Date
Transactions
15-Apr Income tax expense
Cash
15-Jun Income tax expense
Cash
15-Sep
Income tax expense
Cash
15-Dec
Income tax expense
Cash
15-Dec Dividends
Cash
31-Dec cash
Accounts Receivable
Debits
Credits
$ 10,249
$ 10,249
$ 10,249
$ 10,249
$ 10,249
$ 10,249
$ 10,249
$ 10,249
$ 38,000
$ 38,000
1950
1950