Condensed balance sheet and income statement data for Bramble Corporation are presented here. BRAMBLE CORPORATION Balance...
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Condensed balance sheet and income statement data for Bramble Corporation are presented here. BRAMBLE CORPORATION Balance Sheets December 31 2019 2018 2017 Cash $ 31,000 $ 21,000 $ 19,000 Accounts receivable (net) 51,000 46,000 49,000 Other current assets 95,000 100,000 69,000 Investments 60,000 75,000 50,000 Plant and equipment (net) 500,000 370,000 358,000 $737,000 $612,000 $545,000 Current liabilities $ 86,000 $ 81,000 $ 71,000 Long-term debt 150,000 90,000 55,000 Common stock, $10 par 325,000 315,000 305,000 Retained earnings 176,000 126,000 114,000 $737,000 $612,000 $545,000 BRAMBLE CORPORATION Income Statements For the Years Ended December 31 2019 2018 Sales revenue $745,000 $605,000 Less: Sales returns and allowances 41,000 31,000 Net sales 704,000 574,000 Cost of goods sold 430,000 355,000 Gross profit 274,000 219,000 Operating expenses (including income taxes) 181,000 151,000 Net income $ 93,000 $ 68,000 Additional information: 1. The market price of Bramble's common stock was $7.00, $7.50, and $8.50 for 2017, 2018, and 2019, respectively. 2. You must compute dividends paid. All dividends were paid in cash. Condensed balance sheet and income statement data for Bramble Corporation are presented here. BRAMBLE CORPORATION Balance Sheets December 31 2019 2018 2017 Cash $ 31,000 $ 21,000 $ 19,000 Accounts receivable (net) 51,000 46,000 49,000 Other current assets 95,000 100,000 69,000 Investments 60,000 75,000 50,000 Plant and equipment (net) 500,000 370,000 358,000 $737,000 $612,000 $545,000 Current liabilities $ 86,000 $ 81,000 $ 71,000 Long-term debt 150,000 90,000 55,000 Common stock, $10 par 325,000 315,000 305,000 Retained earnings 176,000 126,000 114,000 $737,000 $612,000 $545,000 BRAMBLE CORPORATION Income Statements For the Years Ended December 31 2019 2018 Sales revenue $745,000 $605,000 Less: Sales returns and allowances 41,000 31,000 Net sales 704,000 574,000 Cost of goods sold 430,000 355,000 Gross profit 274,000 219,000 Operating expenses (including income taxes) 181,000 151,000 Net income $ 93,000 $ 68,000 Additional information: 1. The market price of Bramble's common stock was $7.00, $7.50, and $8.50 for 2017, 2018, and 2019, respectively. 2. You must compute dividends paid. All dividends were paid in cash.
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Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Posted Date:
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