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The income statement for Kosinski Manufacturing Company contains the following condensed information.
KOSINSKI MANUFACTURING COMPANY
Income Statement
For the Year Ended December 31, 2012
Sales revenue
$6,583,000
Operating expenses, excluding depreciation
$4,920,000
Depreciation expense
880,000
5,800,000
Income before income taxes
783,000
Income tax expense
353,000
Net income
$ 430,000
Included in operating expenses is a $24,000 loss resulting from the sale of machinery for $270,000 cash. Machinery was purchased at a cost of $750,000. The following balances are reported on Kosinski's comparative balance sheet at December 31.
Comparative Balance Sheets (partial)
2012
2011
Cash
$672,000
$130,000
Accounts receivable
775,000
610,000
Inventory
834,000
867,000
Accounts payable
521,000
501,000
Income tax expense of $353,000 represents the amount paid in 2012. Dividends declared and paid in 2012 totaled $200,000.
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