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  • For December 31 20x1 The Balance Sheet of Baxter Corporation Was As Follows

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    laale dijaan
    386 Ansichten4 Seiten
    The income statement shows revenues of $290,000 with a gross profit of $130,500. After expenses of $29,000 for selling & administration and $31,680 for depreciation, operating profit was $69,820. Earnings after taxes were $34,116. Retained earnings increased to $75,160 from $50,600. The balance sheet lists total current assets of $110,840 including $24,000 cash and total current liabilities of $122,200. Total assets are $339,360 including fixed assets of $228,520. Total stockholders' equity is $339,360 including retained earnings of $75,160.

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    for december 31 20x1 the balance sheet of baxter corporation was as follows

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    The income statement shows revenues of $290,000 with a gross profit of $130,500. After expenses of $29,000 for selling & administration and $31,680 for depreciation, operating profit was $69,820. Earnings after taxes were $34,116. Retained earnings increased to $75,160 from $50,600. The balance sheet lists total current assets of $110,840 including $24,000 cash and total current liabilities of $122,200. Total assets are $339,360 including fixed assets of $228,520. Total stockholders' equity is $339,360 including retained earnings of $75,160.

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    386 Ansichten4 Seiten

    For December 31 20x1 The Balance Sheet of Baxter Corporation Was As Follows

    Hochgeladen von

    laale dijaan
    The income statement shows revenues of $290,000 with a gross profit of $130,500. After expenses of $29,000 for selling & administration and $31,680 for depreciation, operating profit was $69,820. Earnings after taxes were $34,116. Retained earnings increased to $75,160 from $50,600. The balance sheet lists total current assets of $110,840 including $24,000 cash and total current liabilities of $122,200. Total assets are $339,360 including fixed assets of $228,520. Total stockholders' equity is $339,360 including retained earnings of $75,160.

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    von 4

    Income statement

    Sales $ 290,000
    Cost of goods sold $ 159,500 (290000*55%)
    Gross profit $ 130,500
    Selling & admn expense $ 29,000
    Depriciation expense(12%*264000) $ 31,680
    Operating profit $ 69,820
    Interest expense(34000*8%+64000*16%) $ 12,960
    Earnings before taxes $ 56,860
    Taxes(56860*44%) $ 22,744
    Earnings after taxes $ 34,116
    Preferred stock dividends $ 3,400
    Earnings available to common stockholders $ 30,716
    Shares outstanding 10,000
    Earnings per share $ 3.07

    Retained earnings balance January 1 $ 50,600


    Add:earnings available to common stockholders $ 30,716
    Less:cash dividends $ (6,156)
    Retained earnings balance dec 31 $ 75,160
    Balance sheet
    Current Assets Current Liabilities
    Cash $ 24,000 Acccounts payable(26000*130%) $ 33,800
    Acc rec(29000*108%) $ 31,320 Notes payable(34000+7400) $ 41,400
    Inventory(39000*108%) $ 42,120 Bonds payable(64000-17000) $ 47,000
    Prepaid expenses $ 13,400
    Total current assets $ 110,840 $ 122,200

    Fixed Assets Stockholder's equity


    Gross plant & equipment(264000+49000) $ 313,000 Preferred stock $ 34,000
    Less:acc. Dep(52800+31680) $ (84,480) Common stock $ 69,000
    Net plant & equipment $ 228,520 Paid in capital n excess of par $ 39,000
    Retained earnings $ 75,160
    Total assets $ 339,360 total liabilities & equity $ 339,360
    Balance sheet
    Current Assets Current Liabilities
    Cash $ 24,000 Acccounts payable(18000*130%)
    Acc rec(21000*111%) $ 29,000 Notes payable(26000+6600)
    Inventory(31000*111%) $ 39,000 Bonds payable(56000-13000)
    Prepaid expenses $ 13,400
    Total current assets $ 105,400

    Fixed Assets Stockholder's equity


    Gross plant & equipment(256000+41000) $ 264,000 Preferred stock
    Less:acc. Dep(51200+23040) $ 52,800 Common stock
    Net plant & equipment $ 211,200 Paid in capital n excess of par
    Retained earnings
    Total assets $ 316,600 total liabilities & equity

    sales 290000
    cogs 55%
    selling 29000
    dep 12%
    inte 8%
    bonds 16%
    tax 40%
    pref div 3,400.00
    c div 6,156.00
    shares 10,000.00
    a/r inv 8%
    machine 49,000.00
    ap 30%
    np 7,400.00
    bp 17,000.00
    $ 26,000
    $ 34,000
    $ 64,000

    $ 124,000

    $ 34,000
    $ 69,000
    $ 39,000
    $ 50,600
    $ 316,600

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