07 Jun Question BUSI 320 Comprehensive Problem 1
Question
BUSI 320 Comprehensive Problem 1
Use the following information to answer the questions below:
note: all sales are credit sales
Income Stmt info:
Sales $
less Cost of Goods Sold:
Gross Profit
2013
1,050,000 $
325,000
725,000
2014
1,128,750
346,125
782,625
Operating Expenses
Earnings before Interest & Taxes
Interest exp
earnings before Taxes
Taxes
Net Income $
575,000
150,000
25,000
125,000
50,000
75,000 $
609,500
173,125
29,000
144,125
57,650
86,475
Balance Sheet info:
Cash
Accounts Receivable
12/31/2013
60,000 $
80,000 $
12/31/2014
66,000
83,200
Inventory
Total Current Assets
Fixed Assets (Net)
$
$
110,000 $
250,000 $
300,000 $
119,900
269,100
318,000
Total Assets
$
550,000 $
587,100
Current Liabilities
Long Term Liabilities
Total Liabilities
$
$
$
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