Determine an investment and variable costing

Assignment Help Financial Accounting

Reference no: EM1311292

Evalutaing the investment from the cash flow.

The 20X8 comparative balance sheet and income statement of Genie Marketing, Inc., follows, Genie had no noncash investing and financing transactions during 20X8. During the year, there were no sales of land or equipment, no issuances of notes payable, no retirements of stock, and no treasury stock transactions.

How will what you learned in this problem help you evaluate an investment and variable costingPlant assets:

Comparative Balance Sheet
	20X8	20X7	Increase (Decrease)
Current assets:
Cash and cash equivalents	$8,700	$15,600	($6,900)
Accounts receivanle	46,500	43,100	3,400
Interest receivable	600	900	(300)
Inventories	94,300	89,900	4,400
Prepaid expenses	1,700	2,200	(500)
Plant assets:
Land	35,100	10,000	25,100
Equipment, net	100,900	93,700	7,200
Total assets	$287,800	$225,400	$32,400
Current liabilities:
Accounts payable	$16,400	$17,900	($1,500)
Interest payable	6,300	6,700	(400)
Salary payable	2,100	1,400	700
Other accured liabilities	18,100	18,700	(600)
Income tax payable	6,300	3,800	2,500
Long-term liabilities:
Notes payable	55,000	65,000	(10,000)
Stockholder equity:
Common stock, no=par	131,100	122,300	8,800
Retained earnings	52,500	19,600	32,900
Total liabilities and stockholder\'s equity	$287,800	$255,400	$32,400

Reference no: EM1311292

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