Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year...
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Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Assets Year 2 Year 1 Current assets: Cash $ 165 $ 220 Accounts receivable, net Inventory Prepaid expenses Total current assets Plant and equipment, net Total assets Current liabilities: Accounts payable 250 270 220 190 20 20 655 700 850 860 $ 1,505 $ 1,560 Liabilities and Stockholders' Equity Accrued liabilities Notes payable, short term Total current liabilities Bonds payable Total liabilities Stockholders' equity: Common stock, $2 par value Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities & stockholders' equity Income Statement For the Year Ended December 31, Year 2 $ 190 $ 220 50 50 40 40 280 310 180 210 460 520 200 200 330 330 515 510 1,045 1,040 $ 1,505 $ 1,560 (in thousands of dollars) Sales (all on account) Cost of goods sold Gross margin Selling and administrative expense Net operating income Interest expense Net income before taxes Income taxes (30%) Net income $1,230 760 470 365 105 20 85 26 $ 59 Dividends on common stock during Year 2 totaled $54 thousand. The market price of common stock at the end of Year 2 was $13.30 per share. Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Assets Year 2 Year 1 Current assets: Cash $ 165 $ 220 Accounts receivable, net Inventory Prepaid expenses Total current assets Plant and equipment, net Total assets Current liabilities: Accounts payable 250 270 220 190 20 20 655 700 850 860 $ 1,505 $ 1,560 Liabilities and Stockholders' Equity Accrued liabilities Notes payable, short term Total current liabilities Bonds payable Total liabilities Stockholders' equity: Common stock, $2 par value Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities & stockholders' equity Income Statement For the Year Ended December 31, Year 2 $ 190 $ 220 50 50 40 40 280 310 180 210 460 520 200 200 330 330 515 510 1,045 1,040 $ 1,505 $ 1,560 (in thousands of dollars) Sales (all on account) Cost of goods sold Gross margin Selling and administrative expense Net operating income Interest expense Net income before taxes Income taxes (30%) Net income $1,230 760 470 365 105 20 85 26 $ 59 Dividends on common stock during Year 2 totaled $54 thousand. The market price of common stock at the end of Year 2 was $13.30 per share.
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