2024 – Problem 1 Financial Statement Analysis Complete the yellow highlighted cells on the
Blue Bill Corporation – 2024
Problem 1 – Financial Statement Analysis | |||
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 |
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