The financial statements for Armstrong and Blair companies for the current year are summarize below Statement of
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- The financial statements for Armstrong and Blair companies for the current year are summarize below
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Statement of Financial Position Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Other non-current assets. Total assets Current liabilities. Long-term debt (10%) Share capital Contributed surplus Retained earnings Total liabilities and shareholders' equity Statement of Earnings Sales revenue (1/3 on credit) Cost of sales Expenses (including interest and income tax) Net earnings Accounts receivable (net) Inventory Long-term debt Other data: Share price year-end Income tax rate Dividends declared and paid Shares Outstanding 14 14 14 Selected data from the financial statements for the previous year follows: Armstrong Company 33,000 79,000 86,500 Blair. Company $ 53,000 22,000 80,000 $ 18 30% 49,000 15,000 Armstrong Blair Company Company $ $ 35,400 50,000 210,000 180,000 98,000 $ 573,400 $ 150,000 86,500 240,000 43,000 53,900 $ 573,400 $ 580,000 (290,000) (208,800) $ 81,200 15 30% $280,000 50,000 $ 35,000 44,000 39,500 520,000 335,000 $ 973,500 $ 55,500 80,000 624,000 135,000 79,000 $ 973,500 $ 940,000 (423,000) (376,000) $ 141,000 Statement of Financial Position Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Other non-current assets. Total assets Current liabilities. Long-term debt (10%) Share capital Contributed surplus Retained earnings Total liabilities and shareholders' equity Statement of Earnings Sales revenue (1/3 on credit) Cost of sales Expenses (including interest and income tax) Net earnings Accounts receivable (net) Inventory Long-term debt Other data: Share price year-end Income tax rate Dividends declared and paid Shares Outstanding 14 14 14 Selected data from the financial statements for the previous year follows: Armstrong Company 33,000 79,000 86,500 Blair. Company $ 53,000 22,000 80,000 $ 18 30% 49,000 15,000 Armstrong Blair Company Company $ $ 35,400 50,000 210,000 180,000 98,000 $ 573,400 $ 150,000 86,500 240,000 43,000 53,900 $ 573,400 $ 580,000 (290,000) (208,800) $ 81,200 15 30% $280,000 50,000 $ 35,000 44,000 39,500 520,000 335,000 $ 973,500 $ 55,500 80,000 624,000 135,000 79,000 $ 973,500 $ 940,000 (423,000) (376,000) $ 141,000
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Related Book For
Financial Reporting Financial Statement Analysis and Valuation a strategic perspective
ISBN: 978-1337614689
9th edition
Authors: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
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