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Professor Office's Beach Cabana Balance Sheets As of December 31, 2014 and 2013

1. The balance sheet shows the company's assets, liabilities, and equity as of December 31, 2014 and 2013. Total assets in 2014 were $466,000 with current assets being $156,000. Total liabilities were $143,500 with current liabilities of $43,500. Stockholder's equity totaled $322,500. 2. The income statement shows the company's revenues and expenses for 2014 and 2013. Net sales in 2014 were $221,160, with cost of goods sold of $103,755. Total operating expenses were $17,480. Net income before taxes was $99,905 and net income after taxes was $87,782, a 20.51%

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81 views

Professor Office's Beach Cabana Balance Sheets As of December 31, 2014 and 2013

1. The balance sheet shows the company's assets, liabilities, and equity as of December 31, 2014 and 2013. Total assets in 2014 were $466,000 with current assets being $156,000. Total liabilities were $143,500 with current liabilities of $43,500. Stockholder's equity totaled $322,500. 2. The income statement shows the company's revenues and expenses for 2014 and 2013. Net sales in 2014 were $221,160, with cost of goods sold of $103,755. Total operating expenses were $17,480. Net income before taxes was $99,905 and net income after taxes was $87,782, a 20.51%

Uploaded by

Dave Sallao
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Professor Office's Beach Cabana

Balance Sheets
As of December 31, 2014 and 2013

2013
Assets % Item number
Cash $ 28,000 6 1
Marketable securities 22,000 4.7
Notes Receivable 3,000 0.6
Accounts Receivable 56,000 12
Merchandise Inventory 9.2 2
Prepaid expenses 4,000 0.9
Total current assets 156,000 33.8 3
Property, plant, and equipment 4,5
Total assets $ 466,000 100

Liabilities
Accounts payable $ 38,000 8.6 6
Salaries payable 3,500 0.8 7
Taxes payable 2,000 0.4
Total current liabilities 43,500 9.3
Bonds payable, 5% 100,000 21.5 8
Total liabilities 30.8

Stockholder's equity:
Preferred stock 6%, 8.6 9
Common stock 145,500 31.2
Retained earnings 137,000 29.4

Total stockholder's equity 69.2 10

Total liabilities and stockholders equity $ 466,000 100


Professor Office's Beach Cabana
Annual INCOME STATEMENTS
For years Ended 2014 and 2013

2014 2013
Amount Amount
Revenue
Sales $ 225,000 $ 195,000 15.38%
Less: Sales returns and allowances $ 3,840 $ 2,750 39.64%
Net Sales $ 221,160 $ 192,250 15.04
Cost of goods sold $ 103,755 $ 91,000 14.02%
Merchandise inventory, January 1 $ 66,000 $ 72,000 -8.33%
Purchases less returns and allowances 98,000 80,000 22.50%
Total Cost of merchandise available for sale $ 164,000 $ 152,000 7.89%
Less: Merchandise inventory, March 31 $ 60,225 $ 61,000 1.27%
Cost of goods sold $ 103,755 $ 91,000 14.02%
Gross Profit $ 117,385 $ 101,250 15.94%
Operating expenses
Delivery expenses $ 467 $ 200 133.50%
Depreciation expense-equipment 3,600 3,600 0.00%
Payroll taxes expense 388 295 31.53%
Salary expense 10,739 10,500 2.28%
Supplies expense 204 300 -32.00%
Telephone expense 175 210 -16.67%
Utilities expense 1,907 1,500 27.13%
Total operating expenses $ 17,480 $ 16,605 5.27%
Net Income before federal income tax $ 99,905 $ 84,645 18.03%
Federal income tax $ 12,123 $ 11,800 2.74%
Net income after federal income tax 87,782 72,845 20.51%

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