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2016-2017 Financial Statement Overview

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naazarenoo7
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5 views2 pages

2016-2017 Financial Statement Overview

Uploaded by

naazarenoo7
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

2016 2017

equipment 78,000 60,000


accumulated depreciation - equipment (24,000) (29,000)
inventory 20,000 30,000
accounts receivable 14,000 33,000
cash 20,000 37,000

share capital-ordinary 14,000 18,000


retained earnings 38,000 50,000
bonds payable 33,000 27,000
accounts payable 15,000 29,000
income taxes payable 8,000 7,000

Additional:
1. Depreciation expense is 13,300
2. Dividends declared and paid were 20,000
3. Equipment sold 9,700, cost is 18,000 and accumulated depreciation of 8,300
Sales revenue 242,000
Cost of goods sold 175,000

Gross profit 67,000


Operating expenses 24,000
Income from operations 43,000
Interest expense 3,000

Income before income taxes 40,000


Income tax expenses 8,000
Net Income 32,000

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