Balance Sheet 2019 2018 Income Statement 2019 2018 Assets Sales $ 51,000,000 $ 47,000,000 Cash $ 5,100,000 $ 4,900,000 Operating Expenses: Marketable Securities 102,000 98,000 Cost of Goods Sold...


Question 73








Using Financial Statements for 2018-2019. Net working capital for 2018 is $3,292,800.


TRUE OR FALSE









Balance Sheet<br>2019<br>2018<br>Income Statement<br>2019<br>2018<br>Assets<br>Sales<br>$ 51,000,000 $ 47,000,000<br>Cash<br>$<br>5,100,000 $<br>4,900,000<br>Operating Expenses:<br>Marketable Securities<br>102,000<br>98,000<br>Cost of Goods Sold<br>5,100,000<br>4,700,000<br>Accounts Receivable<br>1,632,000<br>1,568,000<br>Depreciation<br>2,550,000<br>2,350,000<br>Inventories<br>2,856,000<br>$<br>2,744,000<br>Selling & Admn. Expenses<br>6,120,000<br>5,640,000<br>Total Current Assets<br>9,690,000 $<br>9,310,000<br>Total Operating Expenses<br>$ 13,770,000 $ 12,690,000<br>Property, Plant, & Equipment<br>3,264,000<br>3,136,000<br>Operating Income<br>37,230,000<br>34,310,000<br>Other Fixed Assets<br>2,703,000<br>2$<br>2,597,000<br>Other Income<br>102,000<br>94,000<br>Total Fixed Assets<br>5,967,000 $<br>5,733,000<br>Total Income<br>$ 37,332,000 $ 34,404,000<br>Total Assets<br>$ 15,657,000 $ 15,043,000<br>Interest Expense<br>1,530,000<br>1,410,000<br>Liabilities & Equity<br>Accounts Payable<br>Earnings Before Tax<br>35,802,000<br>32,994,000<br>$<br>1,878,840 $<br>1,805,160<br>Provision for Income Tax<br>8,160,000<br>7,520,000<br>Notes Payable<br>1,722,270<br>1,654,730<br>$<br>7,642,00<br>$ 25,474,000<br>Net Income<br>Accrued Expenses Payable<br>1,409,130<br>1,353,870<br>1,203,440<br>6,017,200<br>752,150<br>Accrued Taxes Payable<br>1,252,560<br>$<br>Total Current Liabilities<br>6,262,800 $<br>Long-Term Debt<br>$<br>782,850 $<br>Total Liabilities<br>7,045,650 $<br>6,769,350<br>Stockholder's Equity:<br>Preferred Stock ($100 par, 6%)<br>Common Stock ($5 par value)<br>$<br>1,095,990 $<br>1,053,010<br>2,035,410<br>1,955,590<br>Paid-In Capital in Excess of Par<br>4,227,390<br>4,061,610<br>Retained Earnings<br>Total Stockholder's Equity<br>1,252,560<br>$<br>1,203,440<br>8,611,350 $<br>$ 15,657,000 $ 15,043,000<br>8,273,650<br>Total Liabilities & Equity<br>

Extracted text: Balance Sheet 2019 2018 Income Statement 2019 2018 Assets Sales $ 51,000,000 $ 47,000,000 Cash $ 5,100,000 $ 4,900,000 Operating Expenses: Marketable Securities 102,000 98,000 Cost of Goods Sold 5,100,000 4,700,000 Accounts Receivable 1,632,000 1,568,000 Depreciation 2,550,000 2,350,000 Inventories 2,856,000 $ 2,744,000 Selling & Admn. Expenses 6,120,000 5,640,000 Total Current Assets 9,690,000 $ 9,310,000 Total Operating Expenses $ 13,770,000 $ 12,690,000 Property, Plant, & Equipment 3,264,000 3,136,000 Operating Income 37,230,000 34,310,000 Other Fixed Assets 2,703,000 2$ 2,597,000 Other Income 102,000 94,000 Total Fixed Assets 5,967,000 $ 5,733,000 Total Income $ 37,332,000 $ 34,404,000 Total Assets $ 15,657,000 $ 15,043,000 Interest Expense 1,530,000 1,410,000 Liabilities & Equity Accounts Payable Earnings Before Tax 35,802,000 32,994,000 $ 1,878,840 $ 1,805,160 Provision for Income Tax 8,160,000 7,520,000 Notes Payable 1,722,270 1,654,730 $ 7,642,00 $ 25,474,000 Net Income Accrued Expenses Payable 1,409,130 1,353,870 1,203,440 6,017,200 752,150 Accrued Taxes Payable 1,252,560 $ Total Current Liabilities 6,262,800 $ Long-Term Debt $ 782,850 $ Total Liabilities 7,045,650 $ 6,769,350 Stockholder's Equity: Preferred Stock ($100 par, 6%) Common Stock ($5 par value) $ 1,095,990 $ 1,053,010 2,035,410 1,955,590 Paid-In Capital in Excess of Par 4,227,390 4,061,610 Retained Earnings Total Stockholder's Equity 1,252,560 $ 1,203,440 8,611,350 $ $ 15,657,000 $ 15,043,000 8,273,650 Total Liabilities & Equity
Jun 11, 2022
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