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Problem 1 - Financial Statement Analysis
Complete the yellow highlighted cells on the balance sheet and income statement using the following information:
2010
2009
Accounts Receivable
$1,200,000
$1,000,000
Allowance for Doubtful Accounts
35,000
50,000
Income Tax Expense
100,000
120,000
Blue Bill Corporation
Income Statement
For the year ended 2010
Net sales
$4,250,000
$5,175,000
Cost of goods sold
$2,220,000
$2,605,000
Gross Profit
Operating Expenses
$650,000
$720,000
Other Expenses
$120,000
$115,000
Earnings Before Interest and Taxes (EBIT)
Net interest expenses
$0
$15,000
Net Earnings
Earnings per share (1,250 shares issued)
Balance Sheet
December 31, 2010
Current assets
Cash and cash equivalents
$500,000
$450,000
Accounts receivable
Less: Doubtful accounts
Inventory
$2,912,000
$1,980,000
Other current assets
$45,000
$50,000
Total current assets
Net property, plant, and equipment
$250,000
$200,000
Other assets
$16,000
Total assets
Current liabilites
Accounts payable
$900,000
Other current liabilities
$35,000
$22,000
Long-term debt
$930,000
Equity
$1,793,000
Total liabilities and equity
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