Complete the yellow highlighted cells on the balance sheet and income statement using the following information:
|
2010 |
2009 |
| Accounts Receivable |
$1,200,000 |
$1,000,000 |
| Allowance for Doubtful Accounts |
35,000 |
50,000 |
| Income Tax Expense |
100,000 |
120,000 |
| |
|
|
| |
|
|
| Blue Bill Corporation |
| Income Statement |
| For the year ended 2010 |
| |
2010 |
2009 |
| Net sales |
$4,250,000 |
$5,175,000 |
| Cost of goods sold |
$2,220,000 |
$2,605,000 |
| Gross Profit |
|
|
| Operating Expenses |
$650,000 |
$720,000 |
| Other Expenses |
$120,000 |
$115,000 |
| Earnings Before Interest and Taxes (EBIT) |
|
|
| Net interest expenses |
$0 |
$15,000 |
| Income Tax Expense |
|
|
| Net Earnings |
|
|
| Earnings per share (1,250 shares issued) |
|
|
| |
|
|
| |
|
|
| Blue Bill Corporation |
| Balance Sheet |
| December 31, 2010 |
| |
2010 |
2009 |
| Current assets |
|
|
| Cash and cash equivalents |
$500,000 |
$450,000 |
| Accounts receivable |
|
|
| Less: Doubtful accounts |
|
|
| Inventory |
$2,912,000 |
$1,980,000 |
| Other current assets |
$45,000 |
$50,000 |
| Total current assets |
|
|
| Net property, plant, and equipment |
$250,000 |
$200,000 |
| Other assets |
$16,000 |
$15,000 |
| Total assets |
|
|
| |
|
|
| Current liabilites |
|
|
| Accounts payable |
$1,000,000 |
$900,000 |
| Other current liabilities |
$35,000 |
$22,000 |
| Long-term debt |
$900,000 |
$930,000 |
| Equity |
|
$1,793,000 |
| Total liabilities and equity |