The balance sheet at December 31, 2017 for Zumba Company: In thousands of dollars, unless otherwise specified
Current Assets:
Cash and Cash Equivalents $2
Accounts Receivable, net 4,800
Inventories 2,200
Prepaid Rent 898
Total Current Assets $7,900
Land, buildings and equipment, net 7,400
Investments 500
Total assets $15,800
Current Liabilities:
Accounts Payable $500
Current Portion Long-Term Debt 2,500
Accrued Salaries Payable 1,000
Total Current Liabilities 4,000
Long-Term Debt 8,000
Total Liabilities 12,000
Stockholders' Equity:
Common Stock 2,800
Retained Earnings 1,000
Total Stockholders' Equity 3,800
Total Liabilities and Stockholders' Equity $15,800
Additional information follows:
1. Net income for the year ended December 31, 2017 is $2,020.
2. Cost of goods sold for the year ended December 31, 2017 is $4,400.
3. Inventory on January 1, 2017 is $1,800.
4. Accounts Receivable, net on January 1, 2017 are $4,400.
5. Total assets on January 1, 2017 are $20,000.
6. Net credit sales for the year ended December 31, 2017 are $14,600.
7. Net income before interest and taxes for the year ended December 31, 2017 is $4,800.
8. Interest expense for the year ended December 31, 2017 is $550.
9. Total stockholders' equity on January 1, 2017 is $3,500.