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Problems: Financial data of Fancy Footwork Company for 2016 and 2015 are presented below.
FANCY FOOTWORK COMPANY
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2016 AND 2015
2016
2015
Cash
$260,000
$230,000
Receivables
$156,000
$120,000
Inventory
$180,000
$220,000
Plant assets
$160,000
$135,000
Accumulated depreciation
$(80,000)
$(76,000)
Long-term investments (held-to-maturity)
$80,000
$93,000
$756,000
$722,000
Accounts payable
$ 135,000
$ 122,000
Accrued liabilities
$ 30,000
$33,100
Bonds payable
$ 166,000
Common stock
$ 180,000
$165,000
Retained earnings
$ 276,000
$ 235,900
$ 756,000
INCOME STATEMENT
For the year ended Dec 31, 2016
Sales
750000
Cost of Goods Sold
530000
Gross Margin
220000
Selling and administrative expenses
106000
Income from Operations
114000
Other revenues and gains
Gain on sale of investments
7000
Income before tax
121000
Income tax expense
48400
Net Income
72600
Additional information: During the year, $9000 of common stock was issued in exchange for plant assets. No plant assets were sold in 2015. Cash dividends were $32500.
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