ACC 112 Project 10 The below represents the comparative financial statements of Kamla Corporation. 2015 $1,034,000 Kamla Corporation Comparative Income Statement For the Years Ended Dec 2016 Net sales (all on account) $1,258,000 Expenses: Cost of goods sold $832,000 Selling and administrative 216,000 Interest expense 12,000 Income tax expense 34,800 Total expenses $1,094,800 Net income $163,200 $700,000 218,000 14,000 21,000 $953,000 $81,000 2015 Kamla Corporation Comparative Balance Sheet December 31, 2016 and 2015 Assets 2016 Current assets: Cash $38,000 Notes receivable 35,600 Accounts receivable (net) 171,000 Inventory 181,000 Total current assets 425,600 Property, plant, and equipment (net) 843,000 Total assets $1,268,600 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $245,000 Notes payable 48,000 Total current buities $293,000 $37,300 28,500 148,800 139,400 354,000 768,000 $1,122,000 $239,000 38,200 $277,200 w Score w Results by Study ctive Kamla Corporation Comparative Balance Sheet December 31, 2016 and 2015 2016 2015 $38,000 $37,300 35,600 171,000 28,500 181,000 425,600 843,000 $1,268,600 148,800 139,400 354,000 768,000 $1,122,000 Assets Current assets: Cash Notes receivable Accounts receivable (net) Inventory Total current assets Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Notes payable Total current liabilities Long-term liabilities: Bonds payable Total liabilities Stockholders' equity: Common stock ($5 par) Retained earnings Total stockholders' equity Total liabilities and stockholders equity $245,000 48,000 $293,000 $239,000 38,200 $277,200 238,000 $531,000 164,600 $441,800 $300,000 437,600 737,600 $1,268,600 $300,000 380,200 $680,200 $1,122,000 Additional data: 1) The common stock recently sold at $46 per share. 23 The weighted average common shares outstanding for the two years, 2015 and 2016 was 30,000 ACC 112 Project 10 The below represents the comparative financial statements of Kamla Corporation. 2015 $1,034,000 Kamla Corporation Comparative Income Statement For the Years Ended Dec 2016 Net sales (all on account) $1,258,000 Expenses: Cost of goods sold $832,000 Selling and administrative 216,000 Interest expense 12,000 Income tax expense 34,800 Total expenses $1,094,800 Net income $163,200 $700,000 218,000 14,000 21,000 $953,000 $81,000 2015 Kamla Corporation Comparative Balance Sheet December 31, 2016 and 2015 Assets 2016 Current assets: Cash $38,000 Notes receivable 35,600 Accounts receivable (net) 171,000 Inventory 181,000 Total current assets 425,600 Property, plant, and equipment (net) 843,000 Total assets $1,268,600 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $245,000 Notes payable 48,000 Total current buities $293,000 $37,300 28,500 148,800 139,400 354,000 768,000 $1,122,000 $239,000 38,200 $277,200 w Score w Results by Study ctive Kamla Corporation Comparative Balance Sheet December 31, 2016 and 2015 2016 2015 $38,000 $37,300 35,600 171,000 28,500 181,000 425,600 843,000 $1,268,600 148,800 139,400 354,000 768,000 $1,122,000 Assets Current assets: Cash Notes receivable Accounts receivable (net) Inventory Total current assets Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Notes payable Total current liabilities Long-term liabilities: Bonds payable Total liabilities Stockholders' equity: Common stock ($5 par) Retained earnings Total stockholders' equity Total liabilities and stockholders equity $245,000 48,000 $293,000 $239,000 38,200 $277,200 238,000 $531,000 164,600 $441,800 $300,000 437,600 737,600 $1,268,600 $300,000 380,200 $680,200 $1,122,000 Additional data: 1) The common stock recently sold at $46 per share. 23 The weighted average common shares outstanding for the two years, 2015 and 2016 was 30,000