An incomplete comparative income statement and balance sheet for Ivy Corporation follow:

Requirement

1. Using the ratios, common-size percentages, and trend percentages given, complete the income statement and balance sheet for Ivy for 2018. Additional information:

Transcribed Image Text:

A1 Ivy Corporation Comparative income Statements Years Ended December 31, 2018 and 2017 2017 $1,800,000 990,000 810,000 660,000 150,000 15,300 134,700 33,675 $ 101,025 2018 3 Sales revenue 4 Cost of goods sold 5 Gross profit 6 Operating expense 7 Operating income 8 Interest expense 9 Income before income tax 10 Income tax expense (30%) 11 Net income $2,300,000 ? 15,300 ? 12 A1 Ivy Corporation Balance Sheet December 31, 2018 and 2017 2018 2017 2 3 ASSETS 4 Current: Cash Accounts receivable, net Inventory Total current assets $ 37,000 120,000 190,000 347,000 303,000 $650,000 ? ? 6. 8 9 Plant and equipment, net 10 Total assets 11 LIABILITIES 12 Current liabilities 13 10% Bonds payable $150,000 $160,000 90,000 250,000 14 Total liabilities 15 STOCKHOLDERS' EQUITY 16 Common stock, $5 par 17 Retained earnings 154,700 245,300 400,000 $650,000 18 Total stockholders' equity 19 Total liabilities and stockholders' equity 20 %24