Reference no: EM131784149

Great Lakes Manufacturing Inc. comparative Statement of Financial Position at December 31in (000)'s

	20X4	20X3
Cash	$ 5,100	$ 4,800
Accounts Receivable	$ 9,010	$ 6,100
Inventory	$ 10,400	$ 14,000
Prepaid Expenses	$ 1,950	$ 1,020
Equipment	$ 58,500	$ 59,900
Accumulated Depreciation - equipment	$ (33,100)	$ (32,000)
Total Assets	$ 51,860	$ 53,820
Account Payable	$ 7,000	$ 11,400
Interest Payable	$ 350	$ 110
Income taxes payable	$ 650	$ 500
Dividends Payable	$ 2,400	$ 3,200
Long-term Notes Payable	$ 17,500	$ 17,000
Common shares	$ 22,000	$ 20,000
Retained Earnings	$ 1,960	$ 1,610
Total Liabilities & Shareholders' Equity	$ 51,860	$ 53,820

Great Lakes Manufacturing Inc.

Income Statement

Year Ended December 31, 20X4 in (000)'s

Sale		$ 130,000
Cost of goods sold		$ 97,000
Gross Profit		$ 33,000
Operating Expenses	$ 30,000
Gain on Sale of equipment	$ (1,000)	$ 29,000
Profit from Operations		$ 4,000
Other expenses
Interest Expense		$ 200
Profit before Income Tax		$ 3,800
Income Tax Expense		$ 1,550
Profit		$ 2,250

Additional Information:

Operating expenses include depreciation expense of $3,500,000
Accounts Payable related to the purchase of inventory
Equipment that cost $3,900,000 was sold at a gain of $1,000,000
New equipment was purchased during the year for $2,500,000
Dividends declared and paid in 20X4 totaled $1,900,000
Common shares were sold for $2,000,000 cash
Interest payable in 20X4 was $240,000 greater than interest payable in 20X3