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Comprehensive Balance Sheet and Income Statement

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Course Project Comprehensive Balance Sheet December 31st 2012 Assets Current Assets Cash $42,485 Account Receivable$165,824 Allowance for Doubtful accounts 1,850 Net Accounts Receivable 163,974 Inventories 499,493 Securities (available for sale/at fair market value) 28,250 Notes Receivable (due next year) 23,000 Prepaid Expenses 16,252 Total Current Assets……………………………………………………………………………………$773,454 Non-Current Assets Investments in Warren Co. $87,500 Land 125,000 Building$975,800 Accumulated Depreciation 341,200 Net building 634,600 Goodwill 100,000 Patents 125,000

Copyrights 105,000 Trademarks 80,000 Deposits with Vendors 50,000 Total Noncurrent Assets……………………………………………………………………………… $1,307,100 Total Assets $2,080,554 Liabilities and Stockholder’s Equity Liabilities Current Liabilities Accounts Payable $197,532 Income Taxes Payable 62,520 Salaries Payable52,000 Notes Payable to Banks50,000 Mortgage Payable-current portion18,000 Accrued Liabilities 9,500 Accrued Interest on Notes payable 500 Customer Deposits (expected to be paid next year) 420 Total Current Liabilities……………………………………………………………………………………. $390,472

Non-Current Liabilities Mortgage Payable $290,000 Twenty-year, 12% Bonds, due 1/01/13500,000 Total Non-current Liabilities………………………………………………………………………………. $790,000 Total Liabilities$1,180,472 Stockholder’s equity Preferred Stock, 7%$300,000 Common Stock 400,000 Additional Paid-in Capital 37,500 Retained Earnings 162,582 Total Stockholders’ equity………………………………………………………………………………... $900,000 Total Liabilities and stockholders’ equity$2,080,554 Income Statement For the Year ending December 31st 2012 Sales Revenue$2,000,000 Sales Discounts 120,000 Net Sales Revenue $1,880,000 Costs of Goods Sold 1,000,000

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Gross Profit $880,000 Less: Operating Expenses Selling Expenses Selling Expenses$300,000 Depreciation Expenses 60,000 Total Selling Expenses………………………………………………………………………………………….. 360,000 Administrative Expenses Administration Expenses$350,000 Depreciation Expenses 40,000 Total Admin Expenses…………………………………………………………………………………………….. 390,000 Total Operating Expenses 750,000 Total Operating Income $130,000 Other Operating Income Rental Income$50,000 Dividend Income 30,000 Interest Revenue 25,000 105,000 Earnings before taxes $235,000 Income Tax expense 82,250 Net income $152,750

Comprehensive Balance Sheet and Income Statement essay

Related Questions

on Comprehensive Balance Sheet and Income Statement

How to calculate comprehensive income?

There is a formula to calculate comprehensive income. Comprehensive Income = Gross Profit Margin – Operating Expenses (+/-) Other Income items (+/-) Discontinued Operations (add if savings, subtract if loss)

How do you calculate net income from balance sheet?

In its simplest form the income statement can be expressed in this equation: Revenue – Expenses = Net Income (Loss). To calculate income using the information on the balance sheet, you need to calculate the company’s total income for the given period of time (example: a year) by adding up all the net sales including income from other resources.

What items are included in other comprehensive income?

Examples of items that may be classified in other comprehensive income are: Unrealized holding gains or losses on investments that are classified as available for sale. Foreign currency translation gains or losses. Pension plan gains or losses. Pension prior service costs or credits.

What are the elements of comprehensive income?

Comprehensive income is the variation in a company's net assets from non-owner sources during a specific time period. Comprehensive income includes net income and unrealized income, such as unrealized gains/losses on hedge/derivative financial instruments and foreign currency transaction gains/losses.

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