Income Statement Balance Sheet Year-Ended 12/31/04 12/31/04 12/31/03 Sales $1,50
ID: 2637505 • Letter: I
Question
Income Statement Balance Sheet
Year-Ended 12/31/04 12/31/04 12/31/03
Sales $1,500,000 Current Assets $50,000 $ 35,000
Cost of Good Sold 700,000 Gross Fixed Assets 1,100,000 750,000
Operating Expenses 400,000 Net Fixed Assets 450,000 300,000
Depreciation 200,000 Total Assets 500,000 335,000
Operating Income 200,000 Current Liabilities $ 25,000 $ 30,000
Interest Expense 50,000 Long-term debt 340,000 230,000
Taxable Income 150,000 Common Stock 5,000 5,000
Taxes 45,000 Retained Earnings 130,000 70,000
Net Income $ 105,000 Total Liab. & Equity 500,000 335,000
7. Given these financial statements, what is the company
Explanation / Answer
Sales $1,500,000.00 Cost of Goods Sold $700,000.00 Operating Expense $400,000.00 Depreciation $200,000.00 Operating Income $200,000.00 Interest Expense $50,000.00 PBT $150,000.00 Less: Tax $45,000.00 PAT $105,000.00 Cash Flow Statement Net Income $105,000.00 Add: Depreciation $200,000.00 Interest $50,000.00 After tax Cash flow from Operation $355,000.00