Question 2: See the following financial information (Income Statement and balance Sheet) for Thornton Company for...

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Question 2: See the following financial information (Income Statement and balance Sheet) for Thornton Company for the years ending December 31, 1998 and 1999. Notes Payable Inventories Long-term Investment (Long-term Asset) Sales Corporate Bond (Long-term Debt) Annual Depreciation Excess Paid in Capital Taxes Cash Accounts Payable Costs of Good Sold Interest Expenses Retained Earnings Common Stock ($1 par) Selling & Administrative Expense Accounts Receivable Marketable Securities Accrued Expenses R&D Expense Net Plant & Equipment Accumulated Depreciation Total Shares Outstanding 1. What is firm's Net Income in 1999? 1998 $150,000 $430,000 $70,000 $2,500,000 $580,000 $100,000 $100,000 $70,000 ?? $540,000 $1,600,000 $80,000 $180,000 $100,000 $400,000 $180,000 $20,000 $70,000 $130,000 $800,000 $200,000 100,000 2. What is the balance of Cash account in 1998 and 1999? 1999 4. What is the total equity in 998 and 1999? $120,000 $390,000 $80,000 $2,900,000 $650,000 $110,000 $130,000 $90,000 22 $500,000 $1,900,000 $90,000 $210,000 $150,000 $500,000 $20,000 $50,000 $170,000 $1,000,000 $310,000 100,000 3. What is the total amount of firm's current assets and current liabilities in 1998 and 1999? Question 2: See the following financial information (Income Statement and balance Sheet) for Thornton Company for the years ending December 31, 1998 and 1999. Notes Payable Inventories Long-term Investment (Long-term Asset) Sales Corporate Bond (Long-term Debt) Annual Depreciation Excess Paid in Capital Taxes Cash Accounts Payable Costs of Good Sold Interest Expenses Retained Earnings Common Stock ($1 par) Selling & Administrative Expense Accounts Receivable Marketable Securities Accrued Expenses R&D Expense Net Plant & Equipment Accumulated Depreciation Total Shares Outstanding 1. What is firm's Net Income in 1999? 1998 $150,000 $430,000 $70,000 $2,500,000 $580,000 $100,000 $100,000 $70,000 ?? $540,000 $1,600,000 $80,000 $180,000 $100,000 $400,000 $180,000 $20,000 $70,000 $130,000 $800,000 $200,000 100,000 2. What is the balance of Cash account in 1998 and 1999? 1999 4. What is the total equity in 998 and 1999? $120,000 $390,000 $80,000 $2,900,000 $650,000 $110,000 $130,000 $90,000 22 $500,000 $1,900,000 $90,000 $210,000 $150,000 $500,000 $20,000 $50,000 $170,000 $1,000,000 $310,000 100,000 3. What is the total amount of firm's current assets and current liabilities in 1998 and 1999?

Answer rating: 100% (QA)

1 Firms Net Income in 1999 is 90000 Formula used Net Income Sales Cost of Goods S... View the full answer