Reference no: EM13970481
Hytek Corporation ended 2012 with cash of $50,000, accounts receivable of $100,000, and inventory of $300,000. Property, plant, and equipment were valued at their original cost of $470,000, less accumulated depreciation of $170,000. Current liabilities other than income taxes owed (see details that follow) were $120,000, and long term debt was $250,000. Stockholder' equity consisted of (a) $90,000 capital stock investment and (b) accumulated retained earnings, which had total $130,000 at the end of 2011. Net sales for 2012were $900,000. Expenses included $500,000as cost of goods sold, $50,000 as allowance for depreciation, $85,000 as selling expenses, and $65,000 as G&A expense. Interest income and expense were $5,000 and $25,000, respectively, and income taxes for the year (unpaid at year's end) were $80,000. Dividends of $20,000 were paid. Prepare a balance sheet and and income statement reflecting these figures.
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