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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