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HCS 380 Wk 3 Individual: WileyPLUS Homework

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HCS 380 Wk 3 Individual: WileyPLUS Homework

Due Sunday evening 11: 59 om AZT. Time listed above is EST. All work due 11:59 pm AZT. Complete the assigned Quiz activity in WileyPLUS. Remember that you have 3 attempts for each question to achieve the best score!

Problem 2-5A

The following are financial statements of Bramble Corp..

Bramble Corp.Income StatementFor the Year Ended December 31, 2017

Net sales

 

$2,231,500

Cost of goods sold

 

1,027,800

Selling and administrative expenses

 

918,600

Interest expense

 

90,600

Income tax expense

 

70,170

Net income

 

$ 124,330

 

Bramble Corp.Balance SheetDecember 31, 2017

Assets

 

 

Current assets

 

 

  Cash

 

$ 73,100

  Debt investments

 

85,170

  Accounts receivable (net)

 

189,700

  Inventory

 

164,200

   Total current assets

 

512,170

Plant assets (net)

 

590,700

Total assets

 

$ 1,102,870

Liabilities and Stockholders’ Equity

 

 

Current liabilities

 

 

  Accounts payable

 

$ 173,000

  Income taxes payable

 

36,670

   Total current liabilities

 

209,670

Bonds payable

 

219,900

   Total liabilities

 

429,570

Stockholders’ equity

 

 

  Common stock

 

365,400

  Retained earnings

 

307,900

   Total stockholders’ equity

 

673,300

Total liabilities and stockholders’ equity

 

$1,102,870

 

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