Please answer for the \"?\" thanks. Blue Bill Corporation Income Statement For t
ID: 2374118 • Letter: P
Question
Please answer for the "?" thanks.
Blue Bill Corporation Income Statement For the year ended 20xx 2004 2003 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, 20xx 2004 2003 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 ? ?
Explanation / Answer
For the balance sheet problem.
1) account recevable= net income
2) Total current assets=cash+ account recevable+other current assets-inventory-less doubtful accounts
3) Total assets=total current assets+net property,plant, equipment+other assets
4)Total liabilieties and equity=account payable+long term debt+ other current liabilities+equity
some of the things can not be determined from the given data like total current assets, other assets etc..