The following is the December 31, 2003 balance sheet for the Epics Corporation. (10 points) Assets Liabilities Cash $ 70,000 Accounts Payable $ 100,000

The following is the December 31, 2003 balance sheet for the Epics Corporation.

(10 points)

Assets Liabilities Cash $ 70,000 Accounts Payable $ 100,000 Accounts Receivable 150,000 Notes Payable 120,000 Inventory 280,000 Bonds Payable 300,000 Total Current Assets $ 500,000 Total Liabilities $ 520,000 Plant and Equipment $1,250,000 Equity Less: Accum. Deprec. 250,000 Common Stock 300,000 Net plant and Equipment $1,000,000 Paid In Capital 200,000 Retained Earnings 480,000 Total Assets $1,500,000 Total Equity $ 980,000 Total Liab. & Equity $1,500,000

Sales for 2003 were $2,000,000, with the cost of goods sold being 55% of sales.  Depreciation expense was 10% of the gross plant and equipment at the beginning of the year.  Interest expense was 9% on the notes payable and 11% on the bonds payable.  Selling and administrative expenses were $200,000 and the firm’s tax rate is 40%.

Prepare an income statement. 

Share This Post

Email
WhatsApp
Facebook
Twitter
LinkedIn
Pinterest
Reddit

Order a Similar Paper and get 15% Discount on your First Order

Related Questions

Expanding an Executive Communication Report Proposal into a Formal Report Background: In today’s fast-paced business world, effective communication

Expanding an Executive Communication Report Proposal into a Formal Report Background: In today’s fast-paced business world, effective communication is essential for organizational success. Executives often rely on concise communication reports to make informed decisions. This assignment builds on the skills you developed in creating a 1-2 page executive communication report

Human Capital Deepening is a key element to increasing economic growth through policies to increase the educational opportunities for the population. 

Human Capital Deepening is a key element to increasing economic growth through policies to increase the educational opportunities for the population.  Discuss a policy established by a government, or educational institution, domestically or internationally, that has either increased or decreased human capital deepening.  In include a quote, statistic or other